.- Scope of Work: This lays out specifically what work is to be done, in as much detail as possible- Materials List: This lists the materials that should be used for all aspects of the job, including where they should be purchased, SKU numbers, and anticipated pricing (if the prices are off, call me to figure out what to do)- Payment Schedule: This lays out when the contractor will get paid, generally using 2-5 draws (depends on scope of project and schedule)

To top it off, you have to try to do all these things while simultaneously juggling the myriad other details of your life while laying the groundwork to become a full-time investor.There just isn't enough time in the day, is there?

Ended up finding a different house all together that we like and are still negotiating the details on.

So, whether or not you have an LLC is irrelevant for the tax questions.In either case, you'll need a partnership return, then each of the partners will move their parts of the profits or losses to their personal returns.IIRC, CA charges an $800/year franchise fee for LLCs.I'd be DANG SURE I had a detailed, written document describing how the partnership would work before I did any deal with partners.

When you get a property under contract, print out flyers detailing it, and take them to your meetings and pass them out to everyone.

The first project I ever did, I decided to call five contractors to get bids; I put together a detailed scope of work and materials list, and had the contractors come out and walk the project with me.

Once I have a property under contract, I go to the house and video tape the outside and inside of the property and tell them the financial details.

It contains a detailed Cash Flow Analysis module along with several other modules that enable you to make intelligent investment decisions and store relevant documentation and contact info for each property.

He just mentioned this though, and didn't go into much detail.

If so, the numbers look good so far at that price.PM me and we can discuss in detail.