Assumption is that I carry the mortgage, 595k and also pay about 80k for the rest of the down payment, FF&E and interior updates. 

@Daniel E.

Originally posted by @Brad E.

Funny enough I married in to a family that does R/E development. 

If you took a HELOC on your primary to use to buy a rental, that interest should have been deducted on the schedule E for the rental. 

I take down payments from COTS and CVOEO and have never had an issue using part or all of e security deposit to clear up past rent or damages.Burlington is a great place to be a landlord so long as you’re good at it.  

Obviously, we are looking at raising rents but we are also looking at "Rubs" Ratio Utility Billing system as an alternativ e.

Originally posted by @Randy E.

Easy to check by looking at your Schedule E (if you file your properties on your personal tax return) or Form 8825 (if you file as a partnership) 3.

It is subject to self-employment taxes.Money earned from (and expenses associated with) flipping will likely be reported on Schedule C unless you are in a partnership or choose to be taxed as a corporation - an entirely different discussion.Rents (and rental expenses) are reported on Schedule E.