What new obligations does trading create?

So I’ve decided to create an LLC where I would be a 25% partner with my sister and she could by me out as in the future through monthly rents or when she inherits more property in the future.

Seems like an artificial way to make a market and create money. 

It may seem crazy now to set a goal of $60k or even $80k a year, but I can tell you that as your family grows, you will be thankful to have that extra to do exactly what you mentioned - created freedom.

Create a trust to put your deals under contract with sellers.

And any amount you purchase over the amount of your sale adds depreciable basis to your property and does create more depreciation allowance.Your situation isn't hopeless but it's probably going to have to be multi faceted and one where you have to compromise a little.Unless you simply do a cash out refinance and let the property support the new debt. 

Go here on BP for your State specific lease agreement. click on "Store" above and click on the link to the right "Lease Agreement" and then pick the State you want the agreement to work with. you can also go to " Tools" and then "Fileplace" to see if anyone has downloaded any other forms you may want. here is a  move in/out check list i created that is on the site:https://www.biggerpockets.com/files/user/kidsalot/...

Sell it, and go buy something that actually creates a cash flow if that is your goal. 

A EIN and associated bank account would be created for the LLC -- and the property paid for by the LLC (no financing associated with this property).A few quick questions:a.

I create a spreadsheet of properties I think are good deals and sometimes we offer on them sometimes we don't...but whenever the properties do sell then I save them and when they get flipped and relisted then I get an email alert.