Both GSE's - Fannie and Freddie will require most recent 1040's with Schedule E to verify rental income received.

I am not a lawyer etc, but if your past schedule e’s have normal looking deductions you should not need to worry.

Thanks for your responses @Ann Bellamy and @James E.

Hi all,I am an active-duty Staff Sergeant (E-6) in the United States Marine Corps currently overseas and looking to start my real estate portfolio.

I’m also an engineer (Mech E) and now have 3 rentals out of state (Cleveland and Memphis).

I’m looking to open an online account with vanguard, TD Ameritrade, E*Trade, or maybe even the Robinhood ap with my checkbook sdira to buy REITS.

@Paul JellicoeInterac e-Transfer is the most common electronic payment used by our tenants.  

Such conversion need not comply with the requirements of the following specific provisions of this chapter:(a) Section 13-196-660 (height limits); however, in frame buildings, four or more levels of living space shall be prohibited and in buildings of ordinary construction, with or without attic living space, five or more levels shall be prohibited; (b) Section 13-196-050; however, all dwelling units must comply with the exit provisions of Chapter 13-160 except basement dwelling units may have a second exit through a room containing a heating plant; (c) Section 13-196-670 (stairwell enclosures); (d) Section 13-196-680 (corridor enclosures); (e) Section 13-196-690 (dwelling separations); (f) Section 13-196-710 (basement ceiling construction); however, if the basement contains a dwelling unit the entire basement ceiling construction is to be wood lath and plaster of half hour construction; (h) Section 13-196-720 (heating plants); however, basement apartments are to be separated from heating plants with partitions of one hour construction.

Anyway when I file taxes next year I realize I'll be claiming 100% of the income on my taxex, but I had planned on adding his portion of the profit as a loss on my schedule E, perhaps as a management expense.

I know this post is several months old so just curious, did you end up deciding between 505 Cedar or 300 E 4th?