The great thing is it's not in direct control by a central bank/federal reserve.With that said, it's still just too much hassle anyway!

After finding this (admittedly old) post here on bigger pockets, I thought I'd  update this thread with what I found out after a little research....A company called "Fund My Gap, LLC" was forced into involuntary chapt 7 bankruptcy in Northern CA by a filing made by several creditors on 2/13/2015.According to PACER (the federal bankruptcy system) the status of the case is shown as:14-44853 Fund My Gap, LLC Case type: bk Chapter: 7 Asset: No Vol: i Judge: Charles Novack Date filed: 12/15/2014 Date of last filing: 12/15/2016 Pending StatusesStatusBeginDateTime inStatus#Status Set ByAwaiting Involuntary Answer 12/15/2014 829 days1 Involuntary Petition (Chapter 7) Three claims were filed in the case:Details1-102/13/2015Claim #1 filed by J.

Federal Fair Housing Act:The law does not apply to the rental of a unit or room in a dwelling of up to four units, provided that:1.

The Federal protection for tenants deals with mortgage foreclosures, and shouldn't be an issue here, I believe.

The federal government pushes about all new developments toward creating some type of HOA these days, and have for a few decades now.

@Josh Marcus @Ali Boone makes very valid arguments.The costs of filing a tax return for each LLC both state & Federal, and in both your states adds to the costs.

In the state of NJ, the tenant's security deposit must be deposited in either:1) Shares of an insured Money Market Fund.2) Sate or Federally chartered bank, savings bank or savings and loan association.Asides from this (from the NJ State Laws referred to above), I've consistently read suggestions to put security deposits into an escrow account, despite the word "escrow" not being in the NJ Law for tenant security deposits.Now, Bank of America being the location of my current accounts, I had asked if they offered escrow services for security deposits and how to it should be executed, and requested all the information there is that a customer should know about their escrow accounts.

The 24 months does not have to be consecutive.The 121 Exclusion allows you to exclude from your taxable income any capital gain from the sale of your primary residence up to $250,000 if you are single or $500,000 if you are married ($250,000 per taxpayer).

Your friend should also seek the advice of a tax professional as a short sale to anybody may cause a taxable event payable when his/her next tax return is filed.

He advised me that if your activities, property and investors are all within one state that federal rules do not apply.