It does keep the daisy chain method from being utilized, but that was never legal in VA--I expect that this law is making that explicitly clear.

To leave a legacy that our kids can utilize and then pass on to the grandkids.My day job and career for the last 40 years has been in professional media production and for the last 12 years I've been running my own professional voice over business under my name - Troy W.

Each unit is rented for $1K (utilities paid by tenant) and property retails at$339K (off market listing).

If you had a property that was treated as a rental and it was placed into service, you should list it on the tax return.Rental properties within the first couple years, as you stabilize the property, normally generate a tax loss on the return.Whether you can utilize the loss on your return, as it may be considered passive, is another discussion.

The calculation takes more than just Rent and PITI - they consider other expenses like vacancies, management fees, utilities, and more especially for full-doc programs.

Are or have any tenants been delinquent on rent, fees, or utilities they are responsible for since the inception of their leases?

That's three months of mortgage and utilities, the cost of flooring, and the cost of painting.

I can also bill the tenant back for ad hoc items such as damages, utilities, etc.

LOL.There’s a WORSE WAY and a BEST WAY to try to obtain items 1-4 aboveBEST WAY: College or Professional Association courses in real estate (real estate license course as a base) and work experience for a REIT or other professional real estate organization and capital saved or equity raised from private parties with a MODERATE amount of debt leverage and or utilizing creative financing with low interest rate debt (may be highly leverage)WORSE WAY; Any guru courses or mentorship’s combine with high interest debt. 

Hello BP fam,  does anybody know of a way to get an SBA loan to purchase rental property without utilizing 51% for business?