Filing old quit claim deeds is basically circumventing foreclosure laws, a matter that is popular with attorneys representing a buyer.

In his original message he mentioned he bought it in 2012 and is currently living in the property so he most likely won't be depreciating his current property unless he is claiming home office or is renting a part of the property out to boarders/roommates (most dont claim).Guidelines for vacating from a current primary and using rental income are different than calculation of existing rental income.

Hi all ,I have question , if I change name of the LLC that’s holding the property do I have to do a quit claim deed?

Interest is not required on security deposits in TexasYes you can take a tenant to small claims court for any amount up to $10,000.

You can also file a claim against him in Small Claims Court. 

Been doing rentals sinc 1994 and the only claim I have ever had was the fire and it was about $30,000 in damages.  

His top recomendation is, aside from ensuring you properly form your LLC, keep separate checking accounts, have an operating agreement, etc. is to make sure you have enough insurance to absorb the entirity of a claim if one occurs.

Also you want to know if there are any security deposits and/or ;last months rents that need to be transferred to you as you can bet that if the tenant leaves they will claim they gave the previous landlord both of these items!

Seller has provided me with booking/revenue numbers going back to 2016, and is claiming the property was booked 316-324/365 days in 2016/2017.  

Will a bank allow me to claim the income from the rentals since I am partnered with an experienced landlord?