---------------------------Building wealth and cashflow passively can take quite a long time, but there are less headaches.Given your family-related time constraints, stay as local as possible.

So wanting a walk-in tub makes total sense at their age.The big things you want to watch for are:Liability + installation quality — You absolutely need something in writing that says:They pay for the tubThey pay for installation by a licensed contractorThey pay for all repairs related to itThey’ll remove it and restore the bathroom at their cost if/when they move out unless you decide you want to keep itThat protects you from being stuck with a specialty tub that future tenants might not want.There isn’t a universal “standard form,” but your PM or an attorney can draft a simple addendum.

Reposting my answer that I gave you on another forum:Short answer is that you (your LLC, to be more specific) will need to issue your relatives form 1099-MISC, and they - rather than you - will owe taxes on their portion of the profit.

Our guidelines are relatively conservative, so thankfully our borrowers are already bringing good deals that we want to loan on. 

Also, as a preventive measure in our property managment business, we started to implement checks in place to avoid this from happening in the future such as no undisclosed pets allowed, tenant is responsible for all pet related damage including odor remediation costs are billable in the lease, we charge pet fees as well and periodic inspections. 

As it relates to real estate there are a lot of ways to get involved but you can put yourself in tricky situations if you don't know what why you're doing what you're doing. 

On software, I'm using Buildium since it seems like it offers everything I'm looking for at this stage and priced relatively cheaply.

I’m relatively new to the real estate world, but I do have some hands-on experience.

When underwriting a property, assumptions related to its debt can have a significant impact on returns and valuations.

Is it information or strategies related to different property types or how to use debt or seller financing for property purchases?