If you want to pay yourself. write a check;-----------------------------------------------------------------------------------------------Payable to Chan K                                                                          $2,500.00Twenty Five Hundred Dollars and---------------------------------no/00                                                                                       Signed C H A N    KFor Owner's Drawing--------------------------------------------------------------------------------------------------On your books, Debit cash                 Owner's drawing               2,500Credit Drawing Account                                                         2,500     K-2 as I recall to report your personal income  :)

I've never had any luck collecting from deadbeats that bail out, and have learned how important deposits and prepaid rent payments are (last month's rent) as collateral.

This has the added benefit for your tenants of: 1) not having to remember when to mail in a rent check, and 2) they know precisely when their checking accounts will be debited, so there are fewer worries with tenants living hand to mouth.Great point!

My only expenses for 2012 are all my closing costs, and a small amount of materials I purchased to fix a couple things on the property, plus I had to pay back the previous owner 6 months in property tax because they pre paid it for this year.

From the landlords perspective, in some states, you can accept prepaid rents but can not use the fund until the actual calendar month in which the rent would apply.

On an investment property; A SFR if you have #1-6 mortgages you can pull out up to 75% of the equity and a 2-4 units is up to 70% equity.The new loan amount is not 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 (subject to the maximum LTV). 1.

After you've got the answer to #4 above, non-lender closing costs, prepaids, etc, will be identical regardless of lender.

Kyler - I bought & moved into a fourplex previously.. it's a great way to get owner financing (5% down instead of 20%) then would use pre-paid PMI to keep the monthly rate low.

Whats your opinion on their Online/Mobile banking, credit/debit cards, turn around for mortgage/commercial quotes (time between submission and actually receiving the cash)?

Honestly, never heard back from the company about that issue, and never saw it debited on my financials.