They do not operate separately and do not act separately because funds cross back and forth constantly and continually with no formal arrangement. 

I will be closing on a cabin in wears valley at the beginning of FEB and plan to continue to manage it from the likes of VBRO. 

I will continue to educate and speak out.

Hi @Jonroy Connell,You can have your dad and the trust contribute its ownership interests in the house to an LLC if you don't want to continue to own it as tenants in common. 

However, if you continue to be consistant and learn from what isn't working and implement new and improved strategies, then you'll greatly increase your chances of success. 

Hey guys,             I wanted to start a little discussion mainly to educate myself, build some self confidence from others more experienced and hopefully continue a road map for others like myself. 

In either case, they can't be applied to all cases.My takeaways:1 - Your takeaways should have been understood long before you "jumped in".2 - You probably missed many more important takeaways than the obvious ones you mentioned.This post wasn't meant to criticize you, as much as it was to warn you NOT to continue "just jumping in". 

Even though i didn't really know what i was doing when i got started, the deal ended up being alright for me over the long haul, and allowed me to continue to learn and save up to buy more properties.  

It was really the opportunity we had to continue holding this property for a long term investment while having a renter pay for it.

The two notes are $124 plus the rehab $12k and that is $136k, I refinance at $127k (85% love to have that lined up) seems like Im in for the rehab costs myself which is fine, because there is no immediate repairs to be made anyway with the tenants in place until the summer and happy to continue as is.