The purpose of Thact classes is to Burrr, yes you will learn to Wholesale and Flip but then end goal is to own as many Burrr property so you can earn enough passive income to get out of the rat race. lol I sound just like him.

At least at the court steps... not sure how that will work with online auctions via Xome or Auction.com.It sounds like I may need to capture this funding arrangement under a different instrument.

It sounded DIY.Parents passing down real estate is a great idea, but you have to be sure you are all on the same page.

Thank you for any info you can provide.Hi Felicia,It sounds like you’re diving into the tax benefits of real estate, which is great!

On a 1960s building we always replace all galvanized plumbing during the initial rehab, that''s not even a question. 

By what you have said, it sounds like you are thinking about this place as an owner (emotionally) vs a realtor (sorry if I am reading into this, but your statements about charm etc.).  

Sounds good. 

sounds fine as others said screen credit and background check first. you are eliminating a whole lot of guesswork getting a year's rent in advance. why wouldn't you take this?

It sounds like you have a differing opinion which I respect.

(adjust cost basis - net sale = net gain)Once you have that you can deduct state and federal taxes from that figure.It doesn't sound like it in this scenario, but if you have lived in the property for two out of the previous five years you could qualify for the 121 exclusion.