So it sounds correct to collect all amounts into my business account then and send a 1099 to the owner reflecting what they received minus the PM fee?

Thanks for the advice, I have read some books but not that one.

Hi BiggerPockets Community,I could use some advice on a decision I’m grappling with regarding my rental property located South Charlotte area (Ballantyne area, in NC 28277).

If anyone has experience or can share some advice, I'd greatly appreciate it.

I think my attorney gave me bad advice and we did not foreclose on which would have been best because I would have at least received a judgment on the buyer. 

Readers should seek professional advice.

@Nathan Gesner, James, and Adam thank you so much for your advice.

Hi @Paul Whitney That sounds like an exciting move!

If you're ever looking to chat more about investing strategies, or need any advice as you start your journey, feel free to reach out.My plan is to kick off my investing journey this year with my first live-in flip.

Sounds like you put in a ton of work to maximize the value, and that basement addition was a smart move.I noticed you mentioned the NYC luxury tax and some of the rental pricing challenges—have you considered expanding your portfolio in markets where you don’t have to deal with those kinds of headaches?