Outside systems like plumbing, sewage, and the water heater should be in good condition, and make sure there are no signs of pests.Additionally, look into property taxes, insurance costs, and zoning laws that could affect future development.

Its the City’s new way to enforce their Tax since so many weren’t paying

Personal Financial Statement Borrower’s Schedule of Real Estate – or- Resume illustrating experience2-3yrs Personal & Property Tax Returns – All schedulesPrevious Year and YTD Property Profit & Loss statement w/ detailed expensesRent Roll w/ detailed lease informationCopies of all Leases3mo.

Thanks  I am not a CPA or tax expert.  

We are also reviewing a company that can use it to scan bank statements and tax retturns to quickly sort where money is spent and if documents are fraudulent.

You are going to need to see their tax returns to see if they are telling the truth.And what is the interest rate that they are offering you?

In contrast to what I assumed, the majority of my rental income here in the northeast comes from summer rentals since that’s school vacation weeks and no matter what you’re charging on ski weekends it’s not matching the rent from an entire week’s summer stay. 

We wanted to test out the lower income stuff though. 

Warning:If you depreciate a property down near zero and then have to sell your property at a loss during a situation of distress...You could end up giving all the proceeds to the bank AND owe the IRS a big chunk of money for recapture.Long-term tax planning with real estate needs to be coupled with risk management and making sure you don't lose any properties.

Even with that, I can't promise you won't have major issues and possibly lose the property or your monthly income.