I saw this article in today's Washington Post and I thought I'd share.

http://www.washingtonpost.com/wp-dyn/content/article/2008/03/08/AR2008030802735.html

The problem therein occurs with cashing out of equity and reinvesting this "false income" (passive, and non-taxable with the right CPA) is controlled by inexperienced investors.

The general partner controls the day to day operation of the partnership and is liable for all business debt where as a limited partner is not responsible for business debts and/or claims.Liability of a Limited Partnership.

Lease options are a great way to take control of a property without owning it.

You can't market a property properly until you control it or if you already have an interested buyer.

As far as the plan to acquire more properties, the seller and I have talked about the other properties that he controls (11 properties, 37 units) as he is looking to retire after 35 years of being a landlord.

This starts building trust.3) Since you are calling them now, you are now more in control of the call.4) You can gather your thoughts and be more prepared to run your script or do some initial research.

Remember you don't have to own it to control it.Good LuckPaul

We also have problems with giving up that much control, i.e. maintenance, who the property is rented to, control over the late payment process, etc.

If you need to comply with any code requirements, make repairs or take care of any legal issues, a lease isn't the best way to go, thoses issues need to be addressed by owners, this guy is out of town.Could do a L/O, there is also straight seller financing, sub-2, wraps, contract for deeds that will give you much more control over the property.