Hi Leo, its been years since I closed on a HUD property but you close on the property as soon as title is ready like any other property.  

I use excel , but many times I forget to add any expenses and then it messes up the calculations.How do experienced people do it ? 

The repair was extensive and costly, requiring excavation (about 3x6 feet) to replace the broken section and clean up the mess.

Thanks for the advice everyone!

Form 3115 allows you to restore the fairness in this situation and "catch up" with the remaining $30k of depreciation that you failed to take in the years past.

Quote from @David Mancia: My Name is David Mancia, and at the end of last year I finally took the plunge and decided to contact RTR to buy my first out of state property, and I was contacted by Ms.

While the price is important, a successful investment is driven by the ROI.

To make taxes easier we set up a business checking account and had all the rent paid into that account and all the expenses paid out of that account.

It will be highly dependent on the district and licensing.

All the other real estate in my businesses are counted as assets minus the debt liabilities for net worth purposes and the business income that comes to me is counted as part of my personal income.