Unless you are holding a huge number of properties or there is something unusual about your specific situation I question the need for even a single LLC.Most people can REALLY accomplish what they think they are accomplishing with an LLC simply by making sure they have a good umbrella insurance policy in place.

There is an ongoing thread about day care at a rental:https://www.biggerpockets.com/forums/52/topics/109391-advice-needed-residential-tenant-w-a-daycare-insurance-headache-helpI didn't want to hijack it but I thought a more generalized discussion would be helpful to me and a few others.I also made it a point to tell applicants I do not wish to conduct business at my propertyHowever there are some gray areas, and I basically made my rules looking at the nuisance factors...not so much liabilities, and now looking at that thread, I may have to rethink this.You see, I would not have allowed the day care simply because a half dozen moms picking up and dropping off at the same time would cause a parking jam and inconvenience.On the other hand, I have told tenants who occasionally allow "friends" to drop off a kid for them to babysit its ok.

Simply go to Structure.pm and click sign-up.

Excuse me while I go clean myself with boiling water and bleach....

It's highly unlikely that your current lender is going to allow one of you to be simply taken off the mortgage.

If the tenant doesn't pay this money, then you simply send it to a collection agency and they usually get the power to deduct it from the tenants bank account or future earnings.Now obviously a lot of landlords would not bother, as they know the tenant is never going to pay that money.

Simply not enough information of the deal to say which is best.

Not only are the more knowledgeable about RE, they simply have more ways to monetize leads - i.e., if they can't buy them, they can LIST them, and that is a huge advantage.

Good Afternoon All...Is there a good resource to find a boiler plate document (P&S) with an assignment clause, or do most of you simply write it into the standard P&S under "additional terms"?

Simply engage your mentor.