To summarize the call report (run using 9 months of 2013):Number of institutions reporting 5937YTD Total Interest Income is 322,614,882,000YTD "Other noninterest income" is 78,975,123,000Based on the numbers, I'd guess that Rent and other income from Real Estate Owned is a significant operational income stream for banks.

Reference SOS documents and summarize your 'deals' and I'm guessing it will all work out.

My long winded answer can be summarized by the following; I hope my detailed insight gives you better knowledge into the industry that could help on this and future deals.

To be honest, I try not to depend on speculation, but I don't think we're done growing out here by a long shot and my location is pretty dang good.One main point that I'll also make, is that my expenses are HUGE living here by myself, so moving out would significantly reduce my monthly expenses by at least 300/month, if not much more, depending on if my gf lets me move in with her ;-) I would also pay off my credit card debt which costs me $250/month.To summarize with conservative figures:Refi with remodel- I break even monthly, left with under 20K to investRefi without remodel- I have negative cash-flow monthly, but left with about 30K to investSell- No cash-flow or appreciation possible, left with 35K to investMy main questions are, do my numbers make sense, and does owning a negative cash-flowing property make sense at all?

ROBS stands for rollover as business startup.Over 20,000 ROBS have been funded to date and fortunately the IRS has published guidelines on ROBS.October 2008 Memorandum:First official publication where the IRS formally addressed the ROBS arrangement;IRS confirmed that these transactions may be not challenged as “non-compliant per se”;IRS summarized the steps involved in the ROBS transaction; andIRS identified compliance pitfalls including the failure to file the annual retirement plan form 5500 tax return, the failure to file the corporation’s tax return, & the failure to obtain an annual valuation of the plan’s assets including the investment in the corporation stock2009 - ROBS ProjectIn 2009, the IRS initiated a “ROBS project” to define traits of compliant ROBS plans and in doing so acknowledged that a ROBS transaction can be conducted in a compliant manner. 2010 – IRS Telephone Forum In a 2010 telephone forum conducted by the IRS, the IRS’s Director of Employee Plans Examinations Office and the Area Plan Manager stated that ROBS transactions are not “abusive per se” and that “you can have a textbook ROBS that is pretty much problem-free.”Fall of 2010 Retirement News for Employers: Brief SummaryThe IRS confirmed that the ROBS transaction is not considered an abusive tax avoidance transaction;The IRS confirmed that it does not protect business owners (also known as the plan sponsor) from incorrectly administering the retirement plan;The IRS confirmed that if the rules are not followed the retirement plan will be subjected to adverse tax consequencesFebruary 2013 Employee Plans Compliance Unit ROBS Project: Brief SummaryMuch of the same information contained in the October 2088 Memorandum was published in this summary; andThe IRS again confirmed that ROBS is not considered abusive transaction.

So to summarize, tenant selection is the key, and making legitimate repairs promptly.

That's just a letter summarizing the terms that's signed by the tenant.

To Summarize: Mike Jakobczak, Steve K Mike Denham suggest iHousing would have apps to make tenant move in or landlording easier.

My attorney pointed me to some relevant New York case law...Feel free to take a look at "Duncan & Hill, supra, 62 AD2d at 701, 405 N.Y.S.2d at 345," which is pretty well summarized here (there are lots of discussions of this on the Internet, but this is the most simple I was able to find):http://www.dos.ny.gov/cnsl/practice.htmlEssentially, it says that a broker creating anything other than "simple" contracts is violating "can't practice law without a license" laws, but that writing of simple contracts is okay.

Sorry, one additional point and I'll let others give their advice.You summarized good landlording practices without realizing it.