Since B of A announced their new $5.00 fee on debit cards, their site has been unavailable or unreliable.

This Note may be prepaid in full at any time without cost or penalty to the Borrower.8.

Make sure to get an estoppel from the seller that the tenants sign stating any unpaid balances, prepaid rent and security deposits.  

Debit your mortgage interest expense, insurance, and mortgage (principal) account and then credit your bank account.

I'd love to hear your thoughts on why accounting and why make the effort to pass the CPA.Elizabeth, you are welcome and will keep you posted on how this deal performs.Good question - I have used my accounting degree to understand operating cash flows, leverage, debits/credits, taxes, audit, forensic accounting, number crunching, data analysis, consulting and a bunch of other things that has served me well with respect to buying large assets like this.The short story though is you don't need to be an accountant to raise private money or buy large deals.

You can search this to find plenty of info, but it allows you to do a cash-out refinance within just the first 6 mths of owning a property that you purchased all cash, and the loan cannot be for no more than your original purchase price + closing costs + funding prepaids, regardless of how high the property appraises.

I paid off everthing and closed down all my accounts except for a savings account and a debit card.

THESE “NON-EXCHANGE EXPENSES” INCLUDE: Mortgage points and assumption fees Credit reports Lender’s title insurance Prorated mortgage insurance Loan fees and loan application fees OTHER “NON-EXCHANGE EXPENSES” CAN INCLUDE: Property taxes Utility charges Association fees Hazard insurance Credits for lease deposits Prepaid rents and security deposits These rough guidelines do not address every potential cost.

Anyway, that sort of stuff aside, the details of my expenses are as follows:Repairs & Maintenance - $1787.27Tenant Sourcing Fee - $0 (however, there are $5085 worth of debits / credits in this group, as described above)Insurance - $1660Mortgage Payments - $14,456.70Landscaping Services - $1440Utilities - Electric - $928.04Utilities - Gas - $1133.64Property Management Fees - $2885.52Utilities - Water - 568.28Unless I fat fingered something, those should add up to the $24,859 expense total, resulting in $13,009.55 in net income.

Here in Canada, the Currency Act describes legal tender:8. (1) Subject to this section, a tender of payment of money is a legal tender if it is made(a) in coins that are current under section 7; and(b) in notes issued by the Bank of Canada pursuant to the Bank of Canada Act intended for circulation in Canada.Marginal note:Limitation(2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:(a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;(b) twenty-five dollars if the denomination is one dollar;(c) ten dollars if the denomination is ten cents or greater but less than one dollar;(d) five dollars if the denomination is five cents; and(e) twenty-five cents if the denomination is one cent.It would also appear that under the current interpretation of the Act, the method of payment (e.g. cash, debit or credit card) used in a transaction is a private agreement between the buyer and the seller.