HI @Gary Mendrin, sorry if I'm over simplifying this, but can't you just throw the repair costs into the purchase price and put zero for repair costs? 

Thanks for the replies.My question simplified is--how much time and money do 1099s require to complete and file? 

Now, I understand my statement is overly simplified, but it's not a complicated business.

I guess I assumed that lenders, while giving you a ballpark, don't really do a hard pull on credit and give you real numbers from the underwriter until you've got an appraisal completed.Hmmm, this might both simplify and complicate things for me. 

While I now understand that it isn't as cut and dry as I had initially thought, the numbers you gave seem to be vastly over simplifying the situation.I do also understand that there can be merits to wholesaling and that you do have valid arguments, I was only refuting that one point because I felt there wasn't enough context surrounding those numbers.

It is important to note that this is a very simplified example and there are more factors involved in calculating your depreciation and your gain on sale but this example was just to describe how depreciation works. 

That is a very simplified approach, the landlord will have maintenance and vacancy, so I assumed the LL would have no maintenance and no vacancies.

I gues my lawyer put it that way and in the lease to simplify the whole thing.

You may self-direct traditional IRA's, ROTH, SEP, 401k's, 403b's, HSA's, and more.All these rules and guidelines (which can be complicated, but hopefully simplified for you here) were created by the IRS to ensure that the investment activity EXCLUSIVELY benefit the IRA and not any disqualified party.

Do this a few times before you start buying rental properties and you will always have money to buy more.Anthea…I just gave you the simplified version.