It raises the question: "Is your business prepared for a rough market?

The home also has 3 small studio apartments where the 'help' pay to live-in.They bus the 'clients' to a daily workshop so her days are free & they only need to prepare breakfasts & dinners & the low paid 'help' take care of the bathing cleaning etc.A great system if you can handle that type of scenario.

It include:- Total bank fees (application fee, lender closing fee, settlement/closing fee, title examination, title insurance,document preparation fee)- Third party fees (attorneys, insurance agencies etc)- Estimated prepaid interest and insurance- Estimated escrow account funds 

Whoever prepares the tax return for the partnership also prepares the Schedule K-1.  

Become the best informed and prepared person in the community.While you are doing this research, you will uncover many opportunities that others do not see.Chasing opportunities in areas where there are many competitors will not yield as good of a return on the investment potential.The best investments and return on investment I ever made was buying land that was mostly ignored by other investors.

If the landlord took money to provide below-market housing to the elderly and disabled and now wants to force them out, he is a giant welfare queen and should be resisted.On the other hand, be prepared for the possibility that the low rent and bad maintenance were the result of bad property management by the guy who died, and the new company is just taking care of things (inspections, maintenance, re-keying, leases, rent increases) that should have been happening gradually over the course of years.

While I don't want to discourage you, the attorney/executors's gatekeepers may challenge your patience so be prepared and remember to be professional at all times.

If I did this, I would tell the tenant no more escape tickets and I would NOT hesitate to start eviction as soon as the tenant falls behind again.Key points - I would do this only if the tenant owed me a lot (my mistake for letting it happen), if I could OWN the items (not hold) AND I was prepared to act quickly as soon as they fell behind again (they will).

Since you are a MA resident, presumably you would want a MA CPA to prepare and advise you on your personal taxes, including any pass-through income (loss) from your FL LLC.   

I also know that it would be very wise to read every single book listed on this site as I prepare to start my RE investing career....