@Adam BartomeoGuys the IRS requires the 1099 amount to be equal to the GROSS amount you collected on behalf of the owner, even if you are collecting water bills, etc. from tenants.NOTHING is deducted from the Gross amount,including your PMC fees!

Make sure to provide clear disclosures to the seller about the risks involved, especially regarding the existing mortgage staying in their name.Insurance Considerations – You’ll need to work with an insurance agent who understands sub-to deals, as the lender might require a policy that keeps the seller as the named insured.Due-On-Sale Clause – While banks rarely call loans due, it’s still a possibility.

Many require that you keep funds separate from personal funds.

Hey BP Community,We all know real estate investing requires money, but not everyone starts with deep pockets.

I am planning to cancel this lease due to the late payments etc, my question is since they are on a month-to-month can I just provide the standard 30 day notice or since they have been at the property for many years or is a longer notice period required such as 120 days etc?

In Cleveland you can find below market rental ready duplexes that require minor repairs (keep in mind that discounted properties come with their own challenges).

Its great that the seller is will to carry a note in a seller 2nd as well, that will help reduce your require monthly payment with the right lenders.

You need to follow certain requirements that a real estate cpa can guide you through.

Originally posted by @Jack Grove:@Okansa Patrick Were you required to utilize a hard money lender when dealing with New Western?

Also, if there’s a mortgage, transferring it to an LLC could trigger the due-on-sale clause, requiring lender approval.Better Alternatives to Avoid Reassessment & Save on Taxes:Living Trust (Best Option) – Your aunt and stepfather could quitclaim their interests to your aunt, who then sets up a revocable trust naming your mother and you as beneficiaries.