When people use incorrect values to make important purchasing or selling decisions, they are just putting themselves in potential trouble.

Subject property description was incorrect or something was omitted.4. 

If you issued the notice on day 5 and included the late fee, but the late fee doesn't kick in until after day 5, then the notice is invalid because the total due was incorrect.

(The IRS will tell you that you should amend every tax return that reports this income incorrectly, even if you have to go back through your whole life time).Talk to a real estate knowledgeable CPA about your life, your other sources of income, your retirement goals and your plans and see if you can find a better entity structure than what you've got to help minimize your taxes going forward.

It may depend on where you start (buying a new place versus a real fixxer for example; with a bunch of problem tenants to cycle out or mostly vacant units); and the complexity of the property (an older multiplex with quirks takes longer than a newer condo for example)...There are some good past topics on "seasoning" of rentals generally on BP...

THEN, since the building was now considered a "hotel", the DOB inspector wrote a $2,000 violation for having an invalid C/O, the FDNY inspector wrote us a $3,000 violation for having the improper means of egress, and a $2,000 violation for an incorrect sprinkler system.To make matters worse, if we are found to have another unit in the building with illegal occupancy, the fine is then raised to $1,000.00 per day until both tenants are evicted.

Please let me know if this is the incorrect plan of action.

Good broker should be able to guide you in correct direction prior to you putting any offers in.

lol@Michele Fischer  - I actually like that small town quirk! 

If the hinges were put on wrong it can cause them to shut in correctly.