The broker was initially trying to close the business portion first by 1/15/19 (which I think is why my father in law agreed to the transition date of 1/1/19) where the ABC license would close later and the new owner would just operate under a temporary permit or something along those lines.

Your EM is a bet on yourself to be able to close the deal.

All great advice.Follow up question... do you prefer to work with one-man operations or companies and why?

Small operation the Property Manager will know you as well as all of your tenants personally.There is a trade off though.A big company is a proven entity whit proven policies & processes.

It currently costs me around $1,000 just to own and operate while it is at full occupancy.

@Jordan MoorheadIf you are simply looking to make pretax contributions and solely invest in equities, then a big box company like Fidelity Investments or Schwab may be your best bet. 

I’d run like a bat out of hell from a lagoon or a water treatment plant , though.Again, it is best to get some input from an experienced operator but consider this:  if a newbie who has just been reading books and listening to podcasts can pinpoint red flags, you know that’s a deal to run from.  

William Exactly or in my words I call BS on his explanation.. you can do a lot in this industry but undisclosed licensed principal is one you will get fried on every time and I bet in every state. 

I bet national inventory levels in the Spring will be sitting around 4 months of supply.I think we will start seeing a disconnect between markets....meaning all markets will not be moving in lock step.

Develop an operating agreement that spells out the purpose of the LLC who has what role, who makes decisions, how are differences between the two of you resolved and an exit plan.Have an attorney draft up the document so each party is protected.