Since you have 1099 income but no tax returns, traditional or FHA loans may be difficult to obtain.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

I truly appreciate your advice and have been focusing on building up my leasing and sales business as I work towards obtaining my PM license.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

if so,  does that mean you can't obtain quiet title action within a year, and basically the property will be sitting there untouched during this one year period?  

We obtained a price $150k greater than we could have in a cash sale, wrapped the existing 4% note into a 10% note bringing the $1,300,000 note we hold to a 16% yield. 

The tight timeline of obtaining a % during 1 mos for those that invested more may not be feasible for those that may just invest $25k.

You can either continue the depreciation schedule from the property sold, and create a new fixed asset for the additional amount invested to obtain the property (Two Depreciation method), or you can opt to treat the new asset as one asset (Single Depreciation Method).

I have several commercial transactions pending and as recently as this week clients are obtaining much improved terms:- 25% down on a 20+ unit apartment complex at 5.5% Down 25 year amortization. - 25% down on a 20k SF Warehouse at 6% 25 year amortization. - 30% down on 200+ storage unit complex Earlier this summer those rates were approaching 7.5-8%We anticipate a very active fourth quarter. 

., but it does make things much easier AND give you access too a wide range of benefits, not the least of which is obtaining your SSN and being able to build U.S. credit and access financing.