Now, don’t get me wrong—I did accept the inspection report and signed the offer to purchase.

Sometimes 5-10% is safe but if it’s your first deal you want to bump that up more unless you have cushion in your numbers or in your own bank account.

Figure I would bump this thread in case any fellow BPers are gonna be at Tulum on Thursday and/or Chichen Itza on Friday and want to meet up

I know I will have to report the LLC’s profits but I’m confused as to how to handle the draws with respect to the IRS.

I will say in Upstate NY where all of my section 8 tenants are, if they dont pay their portion I report to their caseworker.

Either way they should be licensed, contact the board and report them. 

Advantages are that you only need to form and pay for the initial series LLC, file one franchise tax report, file one tax return, and pay one franchise tax payment if required by the state the LLC was formed in. 4.

Steve: If you are going to bid on an Ohio Common Pleas Court  foreclosure, the process is pretty safe because the foreclosing lender has to include a "PJR" which is actually a "Preliminary Judicial Report" which is a title report and include a commitment for title insurance should the bidder be successful and the property to be conveyed.This differs from a liquidation auction by a lender, private auctioneer, receiver (other than an actual foreclosure case) where you might be successful but the property has pre existing liens that don't get swept away by the foreclosure case.For your first one of these, get a lawyer to advise you.

The good thing about a collection agency is that it can report the judgment to all three credit reporting agencies.

Don’t be afraid of a scary inspection report.