Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

First ask him if there is any other way  he can do the job, cutting out some non essential things.Then Ask him if there is anything you can do to get the price reduced in exchange for your labor.   

My rental condo is located in a very competitive market just outside San Francisco. there is a great supply of quality tenants and I never have vacancy time of more than a few days when they need to move. The unit is ...

How do you maintain enough equity in the property (non-owner occupied) yet get some of that capitol back for reinvestment into another property?

I have have folks really struggle with this situation and it does seem as if one is trapped...Have you tried to figure out how to get off this non-ending cycle?

For instance I know of many 're investors' whose only 'investment' in real estate has been reasearch and throwing around offers with apparently never one account of having owned, sold, wholesaled, or legally otherwise invested in real property.In other words, it's overall a non-issue as far as qualification.

I you have a stabilized property, it will likely qualify of a non-recourse loan.

I've spent years doing real estate on a non profit level and even a large retailer.

Lodger has verbally agreed to surrender premises (mailed back keys from jail) and but stated since has no living family members available, requested his security deposit back and month to month storage of personal property (passport, social security card, US Army Veteran Honorable Discharge paper, about 5 suitcases of clothing and a couple milkcrate size boxes of misc personal belongings, that's it).

They had paid the proper sales tax and had no idea they had to pay income tax as well.The short answer to your question, @Coleen Mathis, is that California has no idea what your profit is, but isn't willing to take a chance that you'll intentionally or unintentionally forget to file a California non resident return (like the clients I mentioned above).