A prudent investor doesn't seek quick riches through shortcuts.

Another option is to split the cost based on the number of occupants in each unit but this also means you'll need to adjust the charges as tenants move in/out, so it requires more work and I wouldn't recommend it.

.#3:  Short cuts are not efficient. 

We closed the LLC because it was not giving us protection since the properties and mortgages are under our names instead of the LLC, so it was extra work and cost for no benefitQuestions:1-I assume we need to issue 1099 for these contractors even though we are not incorporated, right?

I as a lender as part of settlement had our servicer unwind some negative reporting.As a sidenote I saw a post online somewhere else where someone who had an owner occupied home for several years relocated for work and teh servicer sent a letter telling them they are not in compliance with their loan because it must be owner occupied for the entirety of the loan even though the loan docs say one year....Again, servicer overstepping their bounds

Our life is complicated and I work a complicated stressful job, but if we’re being honest, I also don’t have time for renters, but I somehow make it work and I personally think it pays off.Mtg: 1800Rent: 2900Owe: 200Rate: 4.5 I thinkSell Price: est. 450-460No other rentals except an in law suite on our current primaryFuture goals: would love to use this properly to buy other properties to get out of the corporate rat race. 

I want to explore every avenue to make this work, and I’d even be open to partnering with an experienced motel operator to help bridge my knowledge gap.

The most important thing is to know the details of your local program like the back of your hand, then look for loopholes.Just to give you and the other BP'ers a deeper handle on why some TDR programs work and some don't, I just uploaded an excellent study on the topic to my FilePlace at http://www.biggerpockets.com/files/user/ChrisNewma...

After a couple of months of hard work and more than a few unexpected surprises during rehab, I sold the property for $145,000.

After a couple of months of hard work and more than a few unexpected surprises during rehab, I sold the property for $145,000.