I cannot suggest a lawyer for you but setting up a legal entity is pretty simple.If you know what entity type you want, you can simply go to your states website and set it up.

No they arent really, and the appraisal is critical to all deals, single family to multi-family.Typically you wont get credit for the rents that are coming in on the new purchase to be counted to offset your debt ratio unless you can prove a 2 year history of managing rentals on your tax return, so you will have to be within debt ratio guidelines without counting that income.

If you have any legal questions on deal structuring, entity structuring, or general questions, please reach out and let me know.

The GSE have guidelines on these events.

I don't think you'll be able to do this with a conventional mortgage, as cash-out refi's aren't typically permitted for the fifth+ financed property, per Fannie Mae guidelines, unless you've owned the property for 6 mths or less.

And perhaps, she doesn't know how to get around those legalities because she isn't an investor.

Not sure how much of that PITI is P&I, but you've omitted capital, vacancy, maintenance (mostly caused by tenants), other utilities (at least when its vacant), make ready, legal costs, CPA costs, etc.Landlord insurance is more expensive than homeowners.As far as the tax benefits, your net rental income will be the rent you actually collect, less all actual expenses (taxes, insurance, PM, maintenance, utilities, etc.), less interest (not the principle payment, though) and less depreciation.

I recommend the "Tenants Guide to Legal Tactics" MA version.

Not a lawyer, but I would assume there could be legal issues if I went in there working, turning it over while they still had rights to be there, especially if they were paying utilities through the 30th.

I actually have a hard copy in my office to read through every now and then when I had concerns of what my landlord was doing and if it was legal.