Multiple evictions will result in denial.8.Long term rental history or home ownership is favorable.Residence history that shows an excessive number of moves within the last seven years will require additional security deposit.9.If residency was out of state within the last five years, an additional fee may be necessary to conduct an out of state background check.INCOME/EMPLOYMENT HISTORY1.We will examine the most recent two years of income history.We will not consider unverifiable income. 2.We require sufficient and stable sources of income, equal to at least 3x the monthly rent.We will consider income that is 2.5x the monthly rent with additional security deposit.3.To verify income, we may request documentation such as pay stubs, benefit award letters, bank statements, retirement accounts, and tax returns.4.Long term employment history in the same job or profession is favorable.5.Short term, temporary or seasonal employment may qualify with additional security deposit. 6.Self-employed individuals must be able to verify their income through tax returns or bank statements. 7.Retired and unemployed individuals must be able to demonstrate they have sufficient resources to pay living expenses.

*The landlord can demonstrate that making accommodations for an ESA would impose undue financial burden or logistical burden.

How you approach the mentor demonstrates how you will approach real estate investing.

Unfortunately, he had already been paid almost in full.Though this is an extreme example, it does demonstrate the kind of dangers inherent to 'out of state' remodeling.  

The court determined the requisite intent was proven by the taxpayers’ efforts to rent the home, including placing flyers in nearby areas and showing the property to potential renters, demonstrated their intent to hold the property for business purposes.)See Goolsby v.

There are two big “kickers” in this deal that demonstrate the get rich with low risk real estate strategy.

You might also consider drafting a letter of intent (LOI) that outlines your offer and demonstrates your serious commitment to the property at the $500K price point.

I’m sorry, but you’ve demonstrated that you’re in over your head.

For a 1031, the thing that matters is your intent, which you clearly state was to have this as a long term rental prop.I would speak with one of the Qualified Intermediaries here on BP, like @Bill Exeter or @Dave Foster, to see specifically what you would need to do to demonstrate intent to the IRS.

Fixed rent is a great way to get the property demonstrating you have guaranteed income then you can switch to commission down the road to get more upside on your investment.