Hey @Ben Roberts, when i used to Wholesale in NZ we had separate documents for nominating the mew purchased / assign the contract to the Assignee. that's why some contract have And or Assignee. having a deal you want to assign on the MLS sounds like potential pain.

These are easy to separate out for tax treatment.  

Has anyone done this and do you get your own separate access or are you sharing with the agent (and thus risk overlapping and getting kicked off). 

Sorry to hear that you are currently separated from your wife and son.  

That said I generally expect to be responsible as the owner of a multi family property, because dividing these responsibilities between tenants on separate leases could be a headache.  

@Tim Roberts I can send you some examples of multistate portfolios I have done for investors in the last few months.I think you will find there are very competitive insurance programs for the CA properties, but they are only available for CA properties.IL & CO are a little easier to combine onto 1 policy while keeping the premium competative, but the hail and wind issues in CO may make sense to break them out again into separate policies.

But one thing a veteran investor told me is often overlooked in a purchase is to put in separately all the existing depreciable assets in the property that aren't 27.5 years, like the appliances and heating system.

Specifically I am looking for a home that has a walk out basement with at least a 3/4 bathroom that I could convert into a separate unit.Does anyone have any RE agent recommendations in the Salt Lake area?

Put another way don't try to arbitrage the property vs. the note, keep them separate.

You need a different CPA.. he want you to change your legal structure so "financial reporting" is less of a headache... financial reporting is what you are paying him to do for you..Two other points:I am sure that the bank will not care who is on the LLC if your wife co-signs the loan.The point of an LLC is liability protection, it does not matter if it is sole member or multi, as long as you keep it separate you are okThird bonus point: if you file jointly, the change will not effect your taxes.