You have to be careful in NY.Think of this business this way:I need a quality property that people want to rent and stay, with safe neighborhood and good schools.I need to find a motivated seller that will take EITHER1) low cash amount of cash (60- 65% ARV = After Repaired Value)2) terms (Sub2, Wrap - AITD, Contract For Deed, Lease Option, Private 1st Mortgage for free and clear house, etc).If you need a lawyer to help you get started, seek out your NY REIA President and get a referral of a good REI Attorney.Best of Luck!

But my lawyer said "We will have the lockout in 3 weeks from now and if the money clears we will ask for this case to be dismissed".

However you are asking the correct question when it comes to liability damages this is absolutely a lawyer question in that this can be subject to change based off of where the property is located.

This is the beauty of being a contractor, realtor, lawyers to get a few bad apples out of business.

One other point if your going to get compensated for bringing a buyer and seller together in a real estate transaction your going to need a License broker in that state.. and if you want compensation you will need a license in CA and make referral fee's. other wise I guess your just working as a referring consultant on a fee basis. but be very careful of putting compensation on a hud. things go sideways that's the first place the lawyers are going to check.. were you licensed.

Real Estate Lawyer? 

We would like to use an LLC for our partnership,  do we need a lawyer in New York or New Jersey or would this not even matter? 

Good morning BP,Today I began looking into securities lawyers and corporate structures and I am curious if anyone can explain how a fund works.I was listening to BPP recently and one of the early ones had an individual who approach his police friends from work and they managed to pool together money in a fund.

(This was after a year)I don't know what grounds the landlord would have to sue the previous tenants, he could go to court for the last months rent but all they would have to do is pay it and he has no other grounds to sue (I am not a lawyer, this is just my assumption)

I was basically told the same by a Realtor and haven't talked to the lawyer yet but I will try that option first.