Family Business Succession
My dad passed away and my mom doesn't want to deal with the 2 multi-family buildings (7 total doors, approx $9000/mo gross rents). I am taking over the management of the properties. Currently there is no LLC created, all the personal and business finances and expenses are mixed together. One building is paid off. Initially I'm planning to take a property management fee of some kind while providing my mom with income to live on. I'm trying to figure out the most important things to do right off the bat, how to organize accounts and business entities, etc. Thanks for any thoughts you might have.