That way we generally do not need to registered the LLC in that state (saving $) and with the ability to argue that the trust might be in a non-recognizing state, but the beneficiary is and the home state laws would apply.There are some bookkeeping and logistical hoops to jump through that are different than a standard LLC.

Sometimes the PM doesn’t classify expenses the way that my CPA would so I have to be responsible for recognizing capital expenditures, etc.

Hello all:I am sure some of you recognize my name as being on the forums.

You will get several things:- time to ask them questions (have a list, 4-5 questions ... save as a note in your phone)- build relationship with someone who might help buy or sell a house, who knows, might even be your property manager down the road ... make sure to mention this as you recognize their time is valuable - see overall condition/finish on properties so you have a sense of what you need to do in your rehabs/ make ready before tenants are placed - someone who deals with the properties you want on all the time, and can give advice and insight on where to buy, what they rent for, and any other idiosyncrasies of the area/block/town/city .. etc 

A full-time tax preparer would have instantly recognized that this form would have been needed.As the complexity of your business increases, so does the risk of audit.

I've seen enough rentals to recognize a "good" tenant.I don't really follow any 50% rule.

I recognize you've got that in place already.

IF they are just a "private lender" lending to you directly, recognize that you are diving into a shark tank where many newbies have been eaten alive.I don't care where you met him/her or how nice they seemed.

At one point the dishwasher leaked and the tenants didn't recognize the problem until much later.

However, recognizing that there are questions you may not have even thought to ask yet is a step in the right direction.