I'm a firm believer of the Second Amendment !

As a wholesaler you would have been classified as a dealer for ax purposes, meaning your houses are inventory and you should have reported your income and expenses on schedule C.Your schedule C $8k loss should have flowed through to your 1040 and decreased ultimately your taxable income.You can carry forward your sched C losses of your 1040 income goes negative.I think you should look at amending your 2013 return.

Our 25 page contract and amendments do not address this issue.

I thought the current mortgage could just be amended to put me on their, provide I have good credit etc...hmm..

I have owned the property since 2003.I do not care about the past several years lost depreciation and have no desire to amend those returns (it is not enough to make it worth the time and effort).I would also like to avoid having to file a 3115 at this time.

If they need more time, you could amend the contact to extend your closing date and the date on which the tenant must have vacated the premises.I would make sure your lender is aware of the situation.  

There are all kinds of rumors that have circulated, either due to lack of research, people believing what they overheard at a REI group, attorney's selling land trust courses, and now that 5 years has passed since the law was signed, lack of information on the details of what took place many years ago, in regards to the original bill and the amended bill.

If your initial lawsuit simply asks for the eviction order (you can amend later and ask for damages) then all you need is what is called "nail and mail" service. 

I HAVE seen agents issue a "rental" policy on a rehab project but consider yourself lucky your agent advised you against it as that policy would not be worth the paper it is written on in the event of a claim.There are a very limited number of companies out there that will structure your deal in a way that you can simply switch or amend coverage based on what stage of renovation and occupancy your property/project is in. 

(Makes sense, business deductions on Schedule C.)Now I'm told I should do it on Schedule A so I filed amended return with deductions -- mostly property tax I pay on vacant land I own and hold as investment.IRS sends me Notice of Deficiency, doesn't accept ANY of my receipts and asks why I'm receiving interest on form 1099 from a title company.