This includes setting up ownership structures, rights, responsibilities, and contingency plans for potential disputes or changes in the partnership.3.

With that expressed, it's my understanding I can file that with the IRS againt any potential tax return they could recieve that I would be paid back first.

I’d no longer have to worry about unforeseen issues or dealing with potential bad future tenants.

Hey folks, 
I'm new here and researching SMF homes in Rochester (Edgerton) and I found something that might work for me, but I'm not sure if I'm thinking about this correctly. The asking price is $80k and I'm securin...

I think it has lots of potential.  

Depending on the operating agreement, if one partner is a non-managing member within the LLC, his/her income may potentially be deemed not subject to self-employment taxes.His actions regarding the LLC would then have to match what the LLC Agreement says.I.E. if the LLC Agreement mentions one member is a managing member and the other is a non-managing member.The non-managing member would not have a say in the operations of the company.best of luck.

Reading the basics and thinking you know the answers is very dangerous in my opinion.  

That said, I would at least be getting 2K a month from them, but yeah, I'd be missing out on the potential long term tenant.

It's very common for our clients to 1031 from higher cap expense risk properties into newer properties with less repair risk.It's very difficult to quantify the potential benefit here because you cant predict repairs. 

Doing this could then put you in a position to begin focussing on your plot of land and a potential project to build on it.