To precisely compute deductions and guarantee conformity with IRS regulations, it is essential to maintain thorough records of rental income and expenditures.

Same principles apply in many other places across the country.

This is why consulting with a certified accountant is essential to your financial success. 

What I think I understand now is that, for instance,, if the taxes due for the bid year are $500 and you win at $5000,  the extra $4500 is essentially pre-paid 2009-2013 taxes for when you get the deed. 

@Jacob StraussenTerm is essentially a commodity biggest difference you will see is if you want to have options to convert to perm that's when you would want to do more research and really get carrier specific.  

You can always "borrow" or withdraw the principle since you already paid taxes on it.  2. 

I’ve been doing this type of work for way too long, earning whatever number it is my “boss” thinks I’m worth, and I want a career change that gets me out of the rat race.I want to be around happy people (for the most part) doing something creative, that makes me happy, free and lucrative, one that allows me to be my own boss deciding how much money I make, and on my way to living an essential life with multiple streams of income that include me in Europe, writing stories in my free time.

The max Uncle Sam allows is 50k if you haven't taken a TSP loan in the last year.I've seen both good and bad experiences with this but at the end of the day it's no different from any other type of loan, you are just your own bank in a sense.The downside or risk is that you lose your job, your property isn't cash flowing, are unable to pay back the loan, and your retirement account suffers since the loan essentially turns into a withdrawal.The upside or best case is you have the loan for less than a year, your BRRRR pays off the loan, and you pay yourself interest 5% interest.The opportunity cost is if the stock market goes up 20% and you were only paying yourself 5% interest you'll miss out on the excess returns. 

Having a team in place is essential to long-distance investing.

Hello biggerpockets,I am trying to understand all the potential *legal* issues I can run into by trying to split a regular single family home that is zoned as such into essentially a duplex with 2 separate tenants, one living in the house and the other in the basement.