While I only have one LLC right now, I plan to expand to multiple LLCs (one for each property).Here’s where I need your help: How should I set up my account to reflect all the real estate activities like rental income, expenses, and distributions?

I’m always on the lookout for properties with potential, especially those mid-project or distressed ones that others might shy away from.

@Jay Ritchie if you need to do this near Berwyn I have an excellent plumber who did this for one of my listings.

Oh wow this is a new one!

First one was a commercial loan, second one was cash.

First one was a commercial loan, second one was cash.

Add all adults to the lease and make them 100% liable for all terms and conditions, regardless of who is paying.You can create a new lease, but adding tenants can be as simple as having them sign the existing one or typing up a short addendum.

We reluctantly signed a 2nd year with him because we did get all of his late payments and the property was taken care of.During the 2nd year, I let one late payment slide as a courtesy due to tenant family circumstances.

Instead I would find an experienced flipper, offer to partner on a deal, maybe bring the deal to him if you can find one, and agree to take a reduced amount of the commission in order to be involved and learn about the process

I don’t want a board telling me what I can and can’t do with my investment property, especially in your case one that’s going to cost $600K.