1) Generally, your cost (Basis) would be your purchase price and rehab cost that needs to be added to the cost. 2) You can deduct the interest paid on the loan in your tax return as business interest expense as well.

*All fees will have to be paid in cash at closing (cannot be added to the loan)Thoughts?

My lease is just a regular rental agreement that details that the landlord is responsible for maintenance there is no way around this in my state of Michigan however in the option agreement it is stated that the tenant is responsible and if I have to make any repairs it will be added to the final purchase price agreement.

One other important thing to note is that the more money you add to the upleg (including financed money) will be added to your basis.The 1031 not applying to "1245 (personal property)" is not as clear cut as Scott put it.The recent tax reform, ruled that 1031 exchanges can apply only to real property, to exclude personal property.

:To add to Greg's comments, the main difference between the 2 are;Homeowners policy is for Owner occupancyLandlord policy is for Non-owner occupancySpecific coverage's can be added or removed on both policies.

The guys were very professional in the work they did in our business, so I will be adding them as a contact for HVAC & electric whenever I get my first deal. 

Is an area in courtyard for coin operated to be added for additional income. 

Also, if they were to, they would be adding 200 bucks a month on the mortgage. 

From there, just network with them, tell them what your ideal property looks like, ask to be added to their buyers' list.

You would have to do 1031 exchange if you wanted to defer the taxes.2) No matter if you move in or occupy the house, all the work done before rental or before moving in will be added to the basis of the property.