Not that I am in that space (yet) but am reading the Millionaire Mind and just finished the Millionaire Next Door, both by Dr Tom Stanley (RIP)An interesting aspect of the millionaires he queried (avg net worth of $4.2M in 2000) was that they were risk takers, but not gamblers.  

I've heard some people say you only need a little skin in the game if you're managing everything (again not as a PM) and you can split some aspects 50/50.

I am looking to purchase my first property and I was wondering if other than the liability aspect, if it is necessary to register as an LLC? 

It is a good community to network and learn about all aspects of real-estate investing.

It is a good community to network and learn about all aspects of real-estate investing.

It is important to develop a working relationship as you will be trusting your VA to handle many aspects of your business. 

It is a good community to network and learn about all aspects of real-estate investing.

All aspects of Commercial Leasing, Acquisition and Disposition. 

THE MOST IMPORTANT aspect is understanding the prohibited transaction!!

Bombed with mentions, LOL.The type of property is irrelevant, it is relevant if you finance the option price.When the intent behind your contract is to assign it and not perform as the contract sets out, you can put yourself in an agency relationship, there are two aspects, one is with "agency" as a state RE commission may define it and the other is under the uniform laws of agency.