I bought it for 200 put in about 30 k for windows and boilers.

And if you itemized and have receipts for all deductions taken, then it just comes down to the judge's decision on whether you are taking money from the deposit for what might be considered normal wear and tear vs damage.Maybe @Chris K. can weigh in with his opinion.

The LLC (being taxed as a partnership), will report the property's gain on its LLC tax return and will issue Schedule K-1's to each partner/member reflecting each partner/member's allocable share of the property's gain.The LLC (again taxed as a partnership), will not actually pay any tax, the LLC partners/members will actually pay the tax on the property gain at their reporting level based upon what was reported to them on their respective K-1's.

Johnathan.. what you also had and you may or may not know was the strategic foreclosures in NV CA and AZ.and the banks could not legally get deficiency judgments at least early on..

Everybody has a different level of risk tolerance, so you need to find yours and master it.I have several friends who only park their money in 401(K) accounts, max out every, take advantage of company matching and are okay with volitality.

@Chris K. thx chris, this is helpful.

Yeah I was thinking the extra lines may be what @Chris K. said, entity type.

Add 900 sf for an increased value of 100 k?

The lender can sell the property for whatever someone is willing to pay at this point - and keep all the funds even if the price received is substantially in excess of the amount owed.If the lender suffers a loss on this resale, the lender get file for a deficiency judgement against the borrower personally (he has signed a personal loan guarantee).

I was stunned when our family friend told me that she would contribute $100 K in cash towards my purchase of a $250,000 Duplex at Tinley Park, Il.