The most efficient way to handle this IMO is to pay have your friend hold a note or if he wants and equity position treat it as if he is holding a mortgage at an agreed rate of interest and you may even want to include him in on a percent of the gain if the property is sold.

but there is a lot of deferred maintenance, a giant termite colony so you have to treat yearly and the proximity to violence is significant.

I didn't go through the IRS link as that was not really my issue, I assumed you were correct in the matter tax wise, maybe I should have to see how they treated the depreciation by an entity not in title and passing through to the beneficiary.....ours are the other way around.

And obviously, lying on a mortgage application is fraud and should be treated as such.The real problem with the system is that the foreclosure process takes too long and allows people to take advantage of it.

Folks need to treat notes and deeds with a little more respect, they aren't a do all tool as a lien to protect non existent equity, secure future agreements or performance.

Hopefully they were treated and are no longer active, and there isn't a lot more undiscovered damage.When is your termite inspection?

For me, it was treated as being in the same industry and was fine.- Tom

Some of us are here to learn and ask questions, not be treated to your elitist attitude.

Kiln dried, treated or something else?

if not, tell them that if you receive a call, you will have to be truthful about how the place was treated & how they handed the deposit. also tell them you tell LL you will be following up with the LL after departure of tenants.finally, tell them if they apply last month's as rent you will seek a judgement which can affect their future ability to rent & own.just some thoughts/ideas.