Quote from @Henrry Novas: Hi there!

the IRS allows and accounting rules allow you to deduct many things beyond the actual cash expense of the business that might make your "net income," look less favorable and adding these back (if applicable) can increase your ability to show more qualifying income.You could also get your books reconciled for 2016 up to date so that when the earliest date to file in 2017 (usually late feb beginng Mar) is and you can file your personal and business returns for 2016.

(Side A tenant is a 30 day lease holder) Side B have a fresh lease until Mar. 2019 @ 625/per month.

You will want to check up front with the lender if they even allow an option.Also, I believe in California you need to be licensed to negotiate a short sale, however you may be able to do it so long as your paperwork states youre negotiating on your own behalf as a principal.If you can pass THAT then you also need to make sure you are MARS FTC compliant or you could face an $11,000 a day fine.

@Mar Maldonado I'm an RE agent and work at a RE investment firm in the same market as you.

I just purchased my first duplex on Mar 31 of this year and am living in one side while renovating it, and renting out the bottom apartment. 

Mars Advertising moved their headquarters dowtown.

His broker should be able to help or contact the MAR legal line, which is what I ended up doing (except CAR of course)Good luck.Allen

I live and work in NoVA and am really looking forward to learning more!

I am looking for a rehabbers to whom I can wholesale properties, so please let me know if you know any that operate in the NoVA region.Thanks,DAn