Now in most cases the same renovation will require an engineer report, and full architectural drawings….I recently had to obtain structural drawings and complete special inspections for a rear trex deck….Just a few examples of costs someone will incur flipping a house in Philly.

The self-directed custodian will ask you to value the real estate held each year, and will report that value to IRS.

By the way, if you are curious to check it out, go to onera-group.com, register and you will find somewhere on their page the report for Fresno. 

.- Keep in mind your amount are reconciled from Buildium to your Bank accountFor Property Management- everything mentioned above for Landlords- As to the expenses, if you are creating reports for owners from Buildium, then you should enter it in both the software. 

As for a W-9, that is required if you're reporting to the IRS that company/person's earnings and technically is required for anything paid over $600 (I believe) to a single person/entity in a given year so you can issue a 1099.

Purchase price: $177,000 Cash invested: $50,000 - Single-family home in a Residential area near the University of Rochester- Purchased flipped home without inspection, many costly hidden issues revealed after closing - Currently rented for $2,200.

These tenants reported the wood porch floor being damaged, and since it is old, I replaced it with brand new boards. 

when I was comparing your portfolio reporting to mine.

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Regarding profit from the flip, I am pretty sure it passes through your LLC and you report it on your taxes as earned income.