From that point forward, he deducts only the interest portion of his payments.Each payment that seller receives, including down payment, is divided into 3 parts:Fully taxable interest componentNon-taxable portion of the principal component (return of the $180k, more-or-less)Taxable portion of the principal component (taxed under a mixture of capital gain rate and depreciation recapture rate)Details and formulas are quite complicated.Special rules for sales between related parties.

All wheat and corn you eat are exposed to chemicals far worse than what you are going to run into in a renovation.

It´s basically impossible to get commercial blanket loans for rental portfolios when the value per unit is lower than approximately 70k (that´s presuming you can get 75% LTV, which I found was the norm with commercial loans of this kind).A mixture of commercial blanket loans and creative owner financing has worked well for me so far, keeping my cash-on-cash return high.

@Paul Sandhu you gonna make any beans or corn on the cob or any other sides, or just the ribs?

A few things to keep in mind:1) If you found that the wiring is a mixture of new and old, you will need to disclose it when you sell it (most PDS have this listed) so buyers will be aware of what you have2) If they have an inspection, they will find it and then more than likely provide you and your agent with that information which again, you will have to disclose3) If there is a fire that can be tied to electrical, many companies will not cover knob and tube (check with who you have the property insured with as you do the reno)When we look at a house that was built when knob and tube could have been used, we look at the incoming panel to start with but then 1) check EVERY outlet in the house with a tester to check for proper grounding, 2) pull one or two outlet covers / switches on the 2nd floor to see what wiring is in the box and finally, 3) pull a light on the ceiling of the first floor to see what wiring is used. 

Now the land , I was thinking of farming it , pumpkins or corn .

throw on some white corn and roasted peppers..

Bleach and gasoline mixture would be good.

The thing I noticed was that the city regulations on rental property / landlords seemed to be more in tune with a big metropolis than a town in the middle of corn fields - in other words, more extensive than you would expect. 

If you're going to house hack with a SFR you either will have roommates that are on some type of lease and pay rent per room or you can do the whole airbnb/short-term rental bit.... or a mixture of both!