Hi Michael, My husband is a realtor, I believe NJ recently updated the contract form, you may need to go through the proper channels. 

However, thank you for properly diagnosing my question and answering in an easy to understand manner.  

That debt will be settled out of my own pocket after closing.The moral of the story is to find a competent attorney that understands what you are trying to be do, so that all of the proper documentation can be created and filed. 

Understanding what proper paperwork I will need before, during and after the buy and OF sale.*** When buying the MH;Submitting a SOLFill out & attach Form B if I am taking over a lien or foreclosure for lien.Apply for Texas Seal if home does not have oneSign OF deal.Create a bill of sale plus receive the deed. 

If your 1065 is done properly, the nature of the passive rental income will remain the same - no self employment tax.The concept of whether it's better to run it through an LLC vs keeping it in your own name is a topic that has been batted back and forth here on BP and elsewhere with no real conclusion.  

New here myself but a great time of the year to jump in, long nights and cold days, plenty of time to hang out and learn.  

they trip over night, property is vacant.

I have gone thru the password reset process 2-3 time over last 2 days since I couldn't get past login screen ( so clearly I am at least typing in my email address properly lol). 

If it's a new home w/ mechanicals that are old but operating properly we've tended not to replace the mechanicals.  

If you're interested in purchasing your first property but you're worried about the bubble then you have 2 choices:Stay out of the game because you won't be able to sleep @ night, worrying about whether the property you just purchased is going to loose all it's value tomorrowDevelop a strategy to purchase distressed properties.