I work full time as a Detective and enjoy the long term aspect of REI (Buy and Hold - Rentals).

However, this is assuming that your records are clear and organized, and given to him in a timely manner, so that he's not rushing or confused about what you've presented him.When I work on complex returns, I start with the headiest pieces first - the aspects that I know will need the most attention and will likely be under the most scrutiny from an audit perspective.

Thanks, Thomas, didn't think of that aspect.

They offer free consulting sessions on all aspects of starting a business and can steer you in the right direction re: grants.

It depends on whether the House or Senate win out on certain aspects, but it could be good for investors.The House bill taxes all passive investments at 25% (rentals are considered passive, unless you are a real estate professional as defined by the IRC).The Senate bill gives a 23% deduction on the flow through income of sole proprietorships, LLCs, and S-corporations.There is a lot more to all of this, but those seem to be pretty good changes for investors.

Make sure your insurance will cover you in this aspect, some carriers do not (they'll cover everything else, just not the pool).

The company I am going through for the General Inspection will not provide that aspect, and I know that there is an issue.   

As others have mentioned: in your situation it sounds like you should be working with a commercial bank.There are times, if all the other aspects of the deal make sense, you can use a hybrid of a historical and proforma P&L if there are <12 months rental information.

What has been everyone's experience with finding someone who handles the construction end, while they focus on other aspects of the business?

We do have a lawyer lined up who should be able to take care of that aspect, so that's good to know.In terms of the structure you proposed, I just have a couple follow up questions to make sure I understand properly:1) If the investor pays us $50,000, we would offer to pay him a preferred return of $3,000 per year from the monthly income we receive?