I did point out that they are asking me to enter into a further 3-year contract with them when they are already breaking the terms of the existing contract, but they are so entitled and oblivious that the reality escapes them. 

You can pay the loan with ANY money, but you simply use your spouses income to qualify for the loan. 

I'm guessing you didn't go through insurance, but you should simply let your insurance provider know that you got a new roof (don't need to say why other than it was older). 

While buyers and their agents have always had the option to enter into a written agreement, it is now mandated that this happen prior to touring a home.

I'm located in the Southern California area...Orange county to be exact.I would love to see a copy of financial statements from someone in the industry, so I can simply see a example of what type of expenses & margins I can expect.. 

I'm simply looking for advice from people seasoned in this field and to try to continue gaining as much knowledge as possible.

For instance, in your example (btw, we have had multiple occasions where this happens in the past few years) if you paid $200,000 for the house, put $40,000 into reno, and then closing costs, commissions, etc. were $15,000 you would simply add all this up and that is your basis in the property.

I'd definitely recommend not going with an LLC in CA simply due to the franchise tax and the admin burden here.

@Leslie Hsiung, yes, the word "leverage" in that context means your debt (as a percentage).I'm suggesting that beyond 75% debt, borrowers are entering a danger level, because it's not unheard of for values to go DOWN by 25% or more - and for Banks to then call in the loans!

To enter the rental property market with minimal upfront costs, research local markets, consider future growth, and plan for vacancies.Good luck!