ps we aren’t concerned about the “due on sale” clause in the vote. i assume that "vote" is "note". this likely depends on what state law considers "due on sale" and the bank's position if title to the property was transferred. In the worse case, the note would become immediately due and payable. failure to inform the bank of the title transfer could result in legal issues besides the debt becoming due. if you do not live is a community property state partnership returns would be required. the 2 LLC's in and of themselves could generate tax issues for you. passive losses on the rental side. non-passive self employment income on the management side. I agree you need a pro reviewing this. I'm not sure that a tax pro would be able to give legal advice on the mortgages so you may want to consult with a tax lawyer familiar with your state's real estate laws.
