The max 6% credit cannot exceed the ACTUAL amount of the closing costs and prepaids (prepaids are the initial escrows, 1st year homeowners insurance premium, property tax due if any, and interest until the end of the month).2.

In the scenario you outlined, there are only 2 ways that I can think of right now that they would find out about your misreporting outside of an audit - if this was a commercial client that files 1099s, or if you file a partnership or scorp return and present a balance sheet that includes prepaid rent and is a cash basis return.Cash income is recognized if you have constructive receipt as of the last day of the tax year.

Be sure to find a servicer that will produce a 1099-INT for you at the end of the year and also handles multiple payment options for the borrower including ACH debit/deposit.

Or just search in forums for "Delayed Financing", lot of content on the subject.I would draw your attention to a few requirements, from the Fannie Mae requirements, to note :The sources of funds for the purchase transaction are documented (such as bank statements, personal loan documents, or a HELOC on another property).The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value)Basically ensure funds are purchased in cash by you(has been in your account for over 60 days, HELOC works), your name is on the offer, your name is on the refinance loan and that 70-75% of current ARV at time of refi is equal or near to your invested funds on the HUD.Hope that helps! 

They don't have to work to maintain area stability--it's handed to them every month, plus debit cards to buy food with, free cellular phones and free health insurance.America seems to be having some of the best job and wage growth it's had in a long time do to the efforts of the current President, if that were to change back to business as usual (like we had before), the upward swing would probably go back to where it was before--not as good--Nationwide vs. just individual areas flexing up and down in a natural manner.

All benefits are put onto a debit card each month (not a bank account that I can request statements from )  My question is - how do I verify the benefit incomes indicated are the benefit amounts? 

Get a separate debit card, credit card, and checking account and pay for each property out of it's specific account.

Hello everyone, I have my first rental under contract. I have to prepay a year of hazard insurance at closing. I am a little confused about what is done with that money. Will it stay in escrow or will it be used to pa...

The second lease was under Common Law (no reqs that VRLTA imposes).The deposit is being debited for bogus items and no interest is granted.

I set up direct debit payments through my property management company for my monthly rent.