Ok, I guess I need to read up on the benefits / differences between an LLC with 2 owners and a LLP owned by a married couple now - if there are any differences. Casie and I would definitely both be owners of said business, as most of the initial property belongs to her.
Seems as if common costs are around $1,000-$2,000 for a lawyer to handle the formation of your LLC, unless it's done via Legal Zoom, but it kinda seems like a complicated process, of which I am completely new to. I can usually figure things out if I study on them for a while, so maybe I could save a little money and figure out how to do it myself and thus gain valuable knowledge of the process to boot.
She inherited a few properties when her father passed, a trailer and a brick house both already occupied by tenants, then the brick house that she lived in with her father - which we will rent out along with my current house after we get moved into the new house next spring. I've been crunching all the info I can to learn the ins and outs of the business to make sure we handle all legal aspects of it correctly until we get completely comfortable with the business. The tenant in the brick house is a douche, probably about to have to drop $1500 or so for water damage / mold because of his dumb ass (long story), but we are going to try to get rid of him - as he is on month to month lease. Her dad didn't screen his renters too good, because this guy has a history of ****ing up places he rents. So we are getting broke in right, entering the business. Lol. Comes with the territory and is to be expected.
Despite what many on here have stated in other threads on the public board, I feel confident that this is a great way to build wealth. A friend of mine is a lawyer here in town and does rental properties on the side as well. I had lunch with him last week and he answered a ton of questions for me. He's had up to 25 rental properties going at once and is beginning to phase them out via land sale contracts (rent to own) or outright sales, since he is getting older. Most think of rental properties and think of the horror stories of bad tenants, but I firmly believe, and have been reassured by my lawyer friend, that most of that can be avoided by denying tenancy if the inquiring tenant does not meet stringent criteria. The math is there to prove a great return on investment, as far as I can see. There will be expenses, stress, and hard work as with any business, but I believe in the end it will be a success if managed properly. Once I am more familiar and things begin to run more smoothly, I may also look into flipping some properties as well. Several around my area have made a great living doing both.
