It'd make a great rental (rent would be $1,350 according to the property manager we met with), but we moved from Duluth to Minneapolis-Saint Paul and aren't comfortable having our first rental out of driving range.

@Paul Baghis, unless you attained additional equity without paying for it, then there's no real magic to getting Lenders to give you 100% Loan-to-purchase. ie.

Paul, Wayne is correct.

Paul, There is no such thing as normal compensation for the owner.

@Paul MartinezI did not.

@Matthew Paul How desperate are you to rent the place? 

Originally posted by @Paul Allen:Just curious - how does this money qualify as 'extra'?

Exactly @Matthew Paul, it ain't rocket surgery to sell a property FSBO, especially in a seller's market.The facts are, we're not talking about 80,000 properties anymore and consumers, the ones with 1/2 a financial brain, are waking up and realizing that giving away 6%  = $30,000 in real estate commissions = approx. $48,000 of Gross Income, is absurd and completely avoidable.  

@Paul LaSpina , im not sure what you meant by business structure, do you mean LLC / Corporation etc. entity or specifically skillsets being provided by each person? 

@Craig PoskusAs someone who has been in the tax business for 20 years (in Houston, by the way) - I can tell you: get a professional cost segregation study, as @Yonah Weiss and @Paul Caputo suggested.