The Numbers:- Loans total: 310,000$ (80/20 loans)- House value: 220,000$ (educated guess, not official comp)- Property (Mortgage, Tax, Insurance) % of Gross Income: 30.72%- Property (M,T,I + Property Expenses) % of Gross Income: 34.70%- Property (M,T,I,E + Living Expenses) % of Gross Income: 54.45%Cash Flow:- Rental Property: monthly expenses: $2,706.86- Living monthly expenses: $1540.85- Expense Total: $4247.71- Monthly Income (including rent): $4,717.50- Remaining: $469.79 (monthly remaining cash)Additional Numbers if it mattersInvestment to date: $26,000Future Investment: (Work next 10 years): $74,000Questions:Debt Relief- Was "The Mortgage Forgiveness Debt Relief Act and Debt Cancellation" extended to 2014?

I live a few hours from the cabin, but if I happen to be there, I'll bake cookies for the next guest.Charcoal and lighter fluid for the grill, hairdryers, first aid kit with itch relief ointment for bug bites, etc., umbrellas, ponchos, spices, cooking oil, coffee, tea sugar, detergent. 

Such actual knowledge or reasonable cause to believe shall be determined in accordance with that division.(10) Comply with the rights of tenants under the Service members Civil Relief Act, 117 Stat. 2835, 50 U.S.C.

Prior to that, the mortgagee could have filed for Relief of Stay to pursue their collections.

Check the pressure relief valve on the hot water tank.If you have the valve shut off and the meter has stopped moving, then the leak is somewhere in the house.http://www.greatbasinindustrial.com/water-and-wastewater

Hello,

I have a question about the sale of a property and the principal residence exclusion principle of the TaxpayerRelief Act of 1997. How does this apply to someone living in a four unit or less property and has b...

I didn't even realize this was an option, but saw today that I can take up to $6,000 out of my 401k for Hurricane relief with no paperwork or proof of hardship (and only a 10% tax rate).

@Tait DuryeaIt's not really a loophole....A loophole is an unintended tax benefit created by oversight or omission.The RE professional treatment regarding passive losses is an intended, explicitly codified benefit designed to provide relief from the passive activity loss rules to those that are genuinely involved in real estate as a trade or business.Regarding documentation. 

I gotta co-sign with Jeff B. on this as far as the enclosed link showed there is no benefit to the consumer, REIs not even small banks, only the trillion dollar financial institutes will breathe a sigh of relief via the CHOICE Act.

It can also be abused by the DIY crowd who've provided comic/tragic relief for generations.The opposite extremes in this debate are 1) Never buy real estate using debt. 2) Buy all your real estate with none of your own money.