Becoming an LLC for rental properties
My father is looking to retire and wants me to take over his rental properties. I have been doing research on taking over the properties and I've found out a couple of things, but I still need help on some things. I found out that an LLC is the best way to go, especially since all the properties are in my fathers name and he wants to keep it that way. I have already contacted a lawyer about becoming an LLC and he would like to see our business plan. I have never created a business plan. I looked at the templates in word and I downloaded a program to help, but the questions that the ask are requiring a lot of detail to answer. So I guess my questions are:
1. Is it necessary to do a market analysis if the company is already up and running?
2. If so, does anyone have an example copy of a market analysis for rental properties?
3. How detailed does the entire business plan have to be?
Is there anything else that you can tell me that I should know?