Reason I’m asking is because today reading through old posts on this subject, I came across discussions that stated if it was Credit Card, PayPal, or similar avenues, that 1099s aren’t needed since those companies issue them.

Everyone on here is saying that you can do it, but it's definitely not possible if you don't have a lease in place on the unit you are currently living in or can show you are living somewhere else with a utility bill or rental lease  to demonstrate that you are not intending to live in the subject property.

Lauderdale, FL• North Palm Beach, FL• Plantation, FL• Pompano Beach, FLThese acquisitions were done creatively, assuming the existing loans via subject-to deals without inspections.

I was caught in a probate case on a note I owned where the subject property was located in Dallas.  

So here it isCash price:  $556,000Owner financing market terms:  $611,111Owner financing favorable buyer terms: $666,667Classic mistake of (1) not accounting for all expenses that determine cap rate and hence ending with higher net income and (2) choosing lower cap rate appropriate for property with less risk and more desirability than subject property   It's not a sellable business.

So, if you want to put the real property under contract subject to short sale approval, then I guess you can figure that paperwork out.

Patience can be your best friend and if you attempt to over leverage a property it can come back to hurt you.Some will recommend buying subject 2 where you could take over an existing mortgage that could be at a substantially lower rate - but if the lender finds out and calls the loan that could also be very bad.

Almost any time I want to learn something new I can locate a book or two or three on the subject and spend very little money to broaden my horizons.

Youtube is the second largest search engine, and has videos on basically every subject known to man.

@Matthew Kwan, he is asking why the underwriters will not allow him to use the proposed rental income from the subject property at time of purchase.