The deductibility of rents between related parties is essentially determined by the facts and circumstances surrounding each case.

@Mike M The HGTV comment was a bit tounge-in-cheek, but I have looked into flipping a bit and I think its be fun under the right circumstances.  

Banks won't usually lend to an LLC under most circumstances. 

But since he had to put in several hours of additional time and effort over and above the norm over the course of many weeks to get the title to a place where it could be considered marketable, I did not consider this to be unreasonable.Without some extenuating outside circumstances like this, I find it difficult to think of a scenario where you should be paying $3,500 in closing costs or over $1,750 in attorney fees, even if this included the title insurance premium on a more expensive property and a couple of 'junk' fees (IE - copy fees, toner charges, courier or carrier pigeon fees, etc).But again, if you'd like a more in depth analysis, you'd need to give us a line item breakdown of each fee.If you'd like a recommendation for another closing attorney in the area that should charge you considerably less, feel free to PM or email me.

Normally this would be a income property that should be sold however under the circumstances your parents may not appreciate that action.

That’s for emergency purposes or unforeseen circumstances.

Sure, we all want to invest in RE, we allwant to make money(somehow), and we all want to build wealth, but those are vaque objectives.I am still in the "convoluted" stage myself, but between spending time here, researching on the `net, reading, learning, asking questions, observing what others do, seeing what works and what doesn`t, doingsome soul-searching and self-evaluation as to my present circumstances, finances, abilities, knowledge(and acknowledging the lack thereof when warranted, which is often :lol: ), my own personal goals in RE are changing(from just a few months ago), and slowly becoming clearer and more well-defined.

I know he will not give my big Sister 'more time to come up with the money to buy my half out' since she has had 4 long years to do so, and hasn't been able to.That attorney who says to leave cash is right, but it's a difficult thing to do in certain circumstances.

Passive losses are only deductible against ordinary income in very specific circumstances:1) You're a "real estate professional".

As it is, the info just points the way, while the future makes liars of the students with some frightening regularity.The "Rules" don't hold in all circumstances, but they give warning signals to those who like such alarms going off in their head.