Before you buy, make sure to get the latest rent roll (a breakdown of what tenants are actually paying in rent), the tenant ledger (which shows their payment history—whether they’re paying on time or carrying a balance), and of course, a copy of each lease agreement.Too many investors rely on what the seller says, which often doesn’t match up with what the tenants are doing.

Talk to your CPA / Financial planner about this option as it does carry risk!

Chances are you sent more than one letter to one person.

Also, do the aggregate losses above any W2 income get carried over to the following year?

There are many benefits to carrying a mortgage.

Hello,Is there anyone that can help with a creative finance deal that involves seller who will carry FHA loan and title transfer to land/grantor trust? 

But these would also include that you carry all risk and they are tough to qualify for. 3.

There is business to be had buying owner carry mortgages and deeds of trust..

Alternatively you could use Section 179 expensing here as well, but the expensing can't create a loss for the rental and may be carried forward.

When you start looking you will likely need that qualification letter to get you into the showing, some agents don't want just anyone walking through their occupied listings.