One, I am currently deployed and these stories entertain me and give me something to do in my off time; and two, give me a little more confidence that I will succeed and carry on after my first deal is done.

Thanks for the replies.60-65% is good to know.Their prices are very inflated but I'll make my offer and carry on.

thats whats been bothering me. the owner said he would consider carrying a contract, but im worried about selling it down the road if i decide to.

So that rules out fha for your second purchase- Conventional could work with 5% down and MI (Mortgage Insurance)-20% is better however you are going to have to be able to carry both mortgages with your income- If not you will need to have 30% equity in the one you are moving out of- Called A buy and Bail in order to use the money you gain from lease option.

The lot would have to carry the additional unit as well as parking.I'd look for something else, too much brain damage there.

Some FSBO's may be selling "Owner Will Carry" in which they themselves are financing the property for the buyer.

The management fees have carried my company and actually can be a marektable entity to larger brokerages.

I know we need to file a 1065 and K1's to all 4 partners and that we can only claim the portion of our expenses based on the rental use %...but can we only claim expenses up to the rental income we made and then carry the rest over to a future year?

Peter,Here is what a friend of mine did in Illinois in regards of this matter.It is usually in your best interest to have a Manager Managed LLC, that way the company carries with all responsibility.

The SPOA states a sale price at or above the amount due the seller, the time frame the power is granted, the legal description of the property and the power to adverstise, list and do all other things usual and customary to carry out the duties and it needs to referrence your contract.