LLCs have an $800 filing fee per year in CA, plus additional tax prep costs, so it's not always worth it for me to create a new entity.It sounds like if you can get in for no money down and repairs it could be a good deal.

You must file it before the first two months and fifteen days of the beginning of the tax year in which the election is to take effect.The allows your business to function as an LLC legally however be taxed like an S-Corp.

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood luckPaul

Real Estate Rewind Starting over http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book Good luckPaul

You could be collecting rent in the mean time.You may be able to buy the note and foreclose or buy a tax lien and foreclose.You could buy his 1/2 and file a partition suit and sell the property and take your 1/2All of these are pretty far out options and may be very difficult to pull off.

They file the liens, just like any other lien holder, hoping there is some property with equity that gets sold so they'll get some of their money.

Real Estate Rewind Starting over http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book Good luck Paul

When you purchased the already occupied triplex, you should have received the tenant files (including their lease agreements) from the previous owner and a copy of the Section 8 terms.

Recommend you get an attorney to draft your first one to make sure that your interests are protected, the partners responsibilities and duties, are documented, and cost and profit sharing is clearly defined for all the possible contingencies that may arise.You may need to also consult a CPA regarding the partnership tax return that your partnership will need to file.

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood luckPaul