Noobdog, your post all makes sense to me but as someone who is too new at this stage to consider setting up a formal business entity, here is how I *believe* my tax situation breaks down at the moment:o If I can write off enough depreciation, mortgage interest, maintenance, etc. to offset my rental income, I break even on my taxes because I'm a passive investor with a strong AGI so no loss allowed on my taxes.o If I don't have enough expenses to offset my rent, I end up paying taxes on my rental income.I'd be happy to hear if I don't understand correctly but I've read the tax code over and over and seem to always come up with the same answer.

I never asked anybody to mentor me and I have never been in a formal mentorship, BUT I had several people who I would call my mentors.

I have always worked in professional type positions - banking, consulting, selling - and dress relatively formally.

What information and formalities are required for buying renting and selling property?

But I got a call from the BBB the other day because people were inquiring there about me, and it got me to thinking maybe I should have something more formal than a trade name registered at town hall.

He was just asking to formalize it.

So while you are the borrower, which you will always be the borrower until you either satisfy the loan or the Mortgagee allows you to bring in someone to assume the loan (formally), you can negotiate a modification.

States with non-judicial foreclosure processes have had remarkable success in clearing out the inventory of distressed properties, which is one of the factors driving the housing rebound in states like California and Arizona."

In a large home a formal dinning would be used.

As Bill mentions, the increase of equity is documented formally through an appraisal on the Subject Property.