I love helping other investors do their first deal and make a FAT pay check.

As of late, some of the other big players have been trimming the fat.

It can, in theory, be done so long as things are very rigidly maintained as separate and every i is dotted, t, crossed, etc.  

Or, they are not being upfront with the seller and don't want to scare them or tip them off that they aren't really going to buy it direct if they don't get a contract so they can in turn assign the contract..so too many inspections or other visitors will certainly raise a flag...

Permits keep your city/county’s pockets fat, so that they can sit around a table and come up with more ways to swindle you out of your money.

While the returns on insurance might not be as high as other investments, but they are tax free so you can in theory have 7-10% earnings per year tax free.  

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.

I think you're the expert.I avoid skinny deals and look for fat back ends.

I use canine, feline, animal, 4 legged furry things that scratch, spray, bark and soil.  

Treating those profits as capital gains is inexcusable and your CPA may have set you up with a fat penalty if you are ever audited.