Getting all the wiring and plumbing correct with out gutting the place would be next to impossible and this way I would be able to get in a couple more units.How are you guys feeling about the deal now?

Some suggest having one entity own assets (e.g. property) and have another entity be responsible for operating and maintaining the assets, so that if someone makes a mistake operating etc. there is some liability shield and the plaintiff cannot get the assets(again the idea of “piercing the veil” is important here).If you are really concerned about liability you should use the right entity (entities), but also make sure you have the correct relatively inexpensive insurance coverages (including but not limited to structure and liability on the properties, O&E on business, personal umbrella policies)The aforementioned is personal opinion and none of the content should be construed a binding offer or agreement.

Many of the concerns for owning condos were explained very eloquently and in my opinion 100% correct.

I plan correct that on the next deal I do.Thanks for your feedback

Chris Martin, Yes you are completely correct.

Is this bogus information or is he correct?

I bought several silver eagles last year around this time when the silver market corrected in the high $20s.

I just recalculated my number, you are right, my COC and cap rate were not correctly calculated.

There is a thread running now regarding 1031 exchange and somebody who is flipping in a company, and that's another consideration when flipping in your own name.As to the question in the original post: the accountants in this thread have given you the correct answer.

CORRECTION Book by FEBRUARY 24th, 2012 before 12:01 AM, not March.