LLC documentation (max writeoffs and how to avoid being classified as a dealer-flipper), 2.

Word of mouth can be really good, and classifieds on peoples work intranets can be a goodplace to start as well.

@Kerry Hennessy We may not have salt water size fish, but I have to classify my 45" Musky as a real fish =) Back to the duplex.Before you can start considering deal you will need to understand how to better analyze these deals.

Monthly I just download the transactions from the bank and assign each rent to the appropriate account.It doesn't seem worthwhile in my situation to create Invoices and go through the whole manual process of getting payments into Undeposited Accounts and then doing a Banking->Make Deposits payment.Is there a simpler way to use Invoicing or should I just stick to classifying the transactions from the bank statement?

Unless you're classified as a "real estate professional", you are limited to a 25k loss writeoff.And in order to be classified as such, he would have to prove that:1) He spends at least 750 hrs on his real estate activities (possible, but....)2) He spends more time on his real estate activities than he does at his regular job.To me, that second one would be the tricky one.

So although they don't sell it as an REO doesn't mean it's not classified as REO.

Would you classify chase or someone like that as 'local'?

I couldn’t find exactly comparable data for today, but in 2013, according to the National Low Income Housing Coalition, there were 10.3 million households classified as “extremely low income” (incomes at or less than 30 percent of the area median) and 5.8 million rental units they could afford (that is, with housing and utility costs amounting to 30 percent or less of the threshold income).Some people do get help with the rent.

I also manage a network of over-seas contractors for multiple different trades like web developers, classified posters, VAs, telemarketers, etc...I have been a landlord of over 18 units in Baltimore, wholesaled over 70 deals, completed 4 rehabs and who know how many retail transactions as a Realtor.

I guess his Schedule E's would show that but this guy has properties all over and I don't know how they would classify that.