All Forum Posts by: Jacob White

There are lot of different ways you could structure distributions from an LLC to various partners. It really just depends on how you want to structure your partnership. Maybe your partner puts in all the cash but you manage the project: they could be paid back first + interest and you could collect the rest. Or some kind of waterfall structure. If I were you, I would just google "waterfall distributions" and see which one you like!

Congrats and good luck!  

Allison's advice sounds spot on.  If you cannot find any forms on the web, I'd suggest reaching out to a real estate attorney that has experience with land trusts.

 You should probably give a lawyer a call before you start deducting from a deposit or evicting them. 

Little Rock lawyer here.  Sounds like a PM is the way you should go; I wouldn't involve a lawyer immediately.  You can get a PM before the lease expires.  I would do it immediately.  If they're won't cooperate at that point, then call an attorney.

Also, love Jen's idea about paypal.  An alternative is Venmo, but at the very least you should not be collecting rent via check.  

Most prosecutors refuse to enforce the criminal eviction statute.  Also, I'm not entirely sure how this amendment will fix the constitutional problems identified in the cited cases.  I prefer to use the unlawful detainer statute anyway.  YMMV of course.

These are not that uncommon, particularly in commercial developments, but you will want your legal counsel to review the proposed contract.  The lease will need to discuss financing and how the rental payments are allocated re: interest/principal. He's not under any duty to disclose his intentions (if there are any) that I'm aware of.

 For all I know, wholesaling is a speculative strategy that adds no value to the sale of property; on the other hand, wholesaling may make the real estate market more efficient.  I don't know, that's why I was asking for someone with more knowledge to chime in with pros and cons.  "Free markets" function when there are few bounds on legitimate, efficient transactions but not when fraudulent and abusive practices are allowed; I'd just like to know where wholesaling falls.

I don't have a dog in this hunt either way.  Anyone care to lay out the pros and cons of the bill?

It probably depends upon the sophistication of your tax team.  Just check with them to make sure they follow the distinction b/w depreciating non-fixtures v. fixtures and real property.