Yes, I was tempted to type "these words are likely accurate" ;)  The reason is because tax rules are very much case-by-case, and your mileage may vary.Here is an important clue in your particular situation: ...I manage the rest?

One thing that I REALLY hate is that most of this Lawyers have great structures and setups...but very expensive packages that include entities that are not necessary.More info tomorrow.  

With probate and prefreclosure it is particularly important how recent your leads list is to the actual initiation  of the probate and preforeclosure case/recording. 

For example, what is the monthly revenue for the property and what are the "All In" expenses, including mortgage, taxes, insurance, utilities, repairs, etc...

Was at one last week that included City of Calgary who did a presentation on legalizing illegal suites and accessory suites in general

K1s show your share of income or losses from the partnership, and you include it on your respective personal tax returns.Now, to your partners.

So, there is even more risk.The things that you can do, include being properly capitalized, not be greedy, (in whichever way that may be defined in the county you are buying), know solicitation laws, know Dodd-Frank, the Consumer Protection Act, the S.A.F.E.

I suppose I should have included that info.

What's important is to learn and move on.

Brian Burke has acquired over half a billion dollars’ worth of real estate over a 30-year career, including thousands of multifamily units and more than 700 single-family homes, with the assistance of proprietary software that he wrote himself.