Could you sell it and put the money towards a better income producing asset? 

The Midwest and South East markets produce all of the things Nadeem shared.

This means they must provide credible evidence to support their claims and comply with all substantiation and record-keeping requirements mandated by the tax code.Despite the taxpayers' testimony that the RV served as a boat sales office and provided nighttime security, they failed to produce any records or documentation to substantiate these claims.

On your subsequent tax returns, you'll list the property as an income-producing asset, you'll take your depreciation, and you'll declare any income that you generate from the rents. 

Hey Luke If you're open to out-of-state investing and looking for an inexpensive market that produces strong cash flow, I recommend checking out Cleveland, OH. 

If you're open to out-of-state investing and looking for an inexpensive market that produces strong cash flow, I recommend checking out Cleveland, OH.

I did pay myself a salary last year and plan to do so again, but I won't be able to produce the standard, "...last two pay slips" type of documentation that normal conventional lenders want. 

The last thing you want is to buy something and the Agent's estimate on rent and/or reassesed taxes was wrong and you end up with a non income producing property. 

It's now produces about $450/mo in cash flow after all expenses, not including debt paydown.

I have a particular case where all the investor has to do is pay 50k on a house that needs no work and is producing 5k per year return.