If the first property was bought at $600K (maximum purchase price bank approved with the household income) and brought it up to $680K with the reno (positive cash flow and refinance), will a bank allow another let's say $450K mortgage with the same declared household income?

Hello,I am about to acquire a private loan ( 5% interest and 2 points) to buy a home owner occupied ( family house) unfortunately We are not qualifying with ours w2....we are selling our current house and making 120k of profit to use it as a down payment the problem is that we make half of our salary cash and it not showing in the w2s..if we want to qualify for a conventional loan ($450k ) we will have to declare all the cash we make for next year.So we do not know what to do,how are we gonna pay back the hard money loan and how many years?

Do I have to declare the income if I rent it out since the main house is paying all of the bills?

Originally posted by Eric Michaels:...Second, bankruptcy can't remove tax owed....That is correct - but bankruptcy is often still used as a delaying tactic, since there is this thing called an "automatic stay" that happens with bankruptcy declaration, effectively putting a (temporary) halt to any legal proceedings that the bankrupt party is facing.

The city of Detroit has declared that tenants need no longer pay rent unless the landlord complies with the city's new stringent inspection & registration regulations.

Properties that are zoned mixed-use or commercial can be an exception.See the following links for more info:Short Term RentalsOWNING SHORT TERM RENTALS IN NEW ORLEANSA Guide To Orleans Parish's New Short-Term Rental RulesHere are a couple of recent news articles:Weak enforcement of short-term rental rules could cost NOLA millionsNew Orleans council wants more muscle in fight against illegal short-term rentals

YesHave you ever declared bankruptcy?

Now I live in the DC area and maybe its the culture, but thousands of people wake up and declare themselves investors.

Both groups have opportunities for you to stand up and declare you want to be put on wholesalers' lists for certain areas, and more than likely you will get a number of wholesalers with no problem adding you to their email lists. 

And then get all that, then the borrower declare bankruptcy and you have a whole new set of rules.