We there's a memorized Journal Entry for Home Depot, with the Debit and Credit entries already set up.

So any home I've purchased in the last 2 years, the bank considers 100% of the debit and 0% of the income, and rentals owned longer than 2 years they consider 100% of the debt and only 60% of the income.

It depends on the level of improvement, labor costs, materials costs, time costs, carrying costs, property tax, insurance, and on and on.A refi has loan origination costs, appraisal, prepaids, escrow, title, recording etc.

I graduated college with no credit score because I used a debit card for everything and this definitely set me back whenever I first started in the investing game.The first deal you are probably never going to really know what you are getting into.

@Nap Matucan @Ralph Poirier @Andrew Gingerich, I'm definitely going to be moving forward with Cozy and supplement it with Venmo to avoid the 2.75% transaction charge for using debit or credit cards.

It appraised at $126,000 for buyers who couldn't qualify for their $134,500 offer where they wanted me to pay 6% of their prepaids. 

Then spend $5-$15K in total start-up costs (including the refundable deposit, pre-paid 1st month’s rent, furniture, etc.) and then rent it out at a premium.

The property is now worth 110k and I'll be holding the property for a rental.On my books I did the initial transaction:Debit 30k - Property (Asset) and Credit 30k  - Cash (Asset)Once renovations were made and the property put into service:Journal Entry >> Credit 30k - Repairs and Debit 30k - PropertyThis zeroes out the renovations expenses and adds the costs to the value of the property.  

The amount on the books should tie to the 1098 you receive at the end of the yearEscrow is like a pre-paid account.

At closing, I had the following costs:$4,737.72 holding costs (prepaid interest, insurance)$13,335.09 closing costs (fees etc.)$79,061 construction holdback$22,000 assignment fee$311,521 loan amount$76,259.55 due from meNow the tricky part: where do I slot-in all those expenses?