All Forum Posts by: Ronald Wilson

Hi Tim,

This is a situation we see quite often.

Our office Manages around 2000 doors in several Markets/States.

Some information must be gain for the Proper Answer:

1) Are the Tenants on a Set Lease Term or Month to Month

2) If on a Lease, does the Lease specify the Number of Pets Allowed (if not specifically stated, any change during the Term of the Lease may not be allowed)

Romone, I agree with your points.  If the damage is already done. I would allow the tenants to stay, but note an agreement with no additional pets. 

Tim, If your goal is to renovate the Property, with existing tenants, you may choose to delay the renovations until the Current Leases have expired.

There is some missing information here......

If there initial Investment has not been repaid by the LLC, then there is no Taxable gain.

To Jeff B. comment: The amount of Taxable income an individual pays from an LLC earnings is based off of the K1 that is issued from the LLC to the individual.

Taxes are based on actual gain, not repayment of initial investment.

Further, if the LLC as an entity directs gain to be re-invested , and no Cash is paid out to an individual as an LLC owner, there would be possible Taxation on the gain depending on how it is claimed.

Rather than speaking with investors and CPA's. It would be best to speak with a Federal Tax Attorney with regards to your options. This is the best course of recommended action.

Get all the facts not opinions