Can you amend your taxes to show a profit (and pay the subsequent extra tax)?

It’s hard to just pick 1 or 2 so I’ll just list a few.Improper economic vacancy assumptions Aggressive year 1 gross receipts projections (they immediately jump the income to new rents with no phase-in which is simply impossible)Underestimated expense assumptionsImproper use of cap rates and/or incorrect exit cap rate assumptions Failure to properly account for property tax reassessment post-sale (in states that do this)Basing exit prices on capitalized value of the income without accounting for the subsequent owner’s property tax reassessmentFailure to account for all of the costs incurred in putting together this type of deal and purchase real estate of this sizeFailure to raise enough money to pay the down payment, closing costs, finance costs, syndication costs, immediate capital improvements and still have enough money left over for capital reservesIncorrect calculations of income, cash flow, cash-on-cash return and IRR and/or a clear lack of understanding of those calculations and how to use themLack of waterfall calculationsIRRs and cash-on-cash returns that are inflated because they aren’t raising enough money—and once they realize that and raise more at the last minute the Projected returns would adjust lower but it’s too late now for the investors to evaluate the what the projections should be because they already subscribed This list is just off the top of my head—if I sat and thought about it long enough I could probably double the size of this list.

Middle scenario, I use a turnkey company to make my first long-distance investment, learn, realize I can do this on my own with better margins and make subsequent deals on my own.

Full disclosure means.. they are concerned about subsequent conveyances of beneficial interest (all or a portion) by the settlor, after the trust was recorded.

For those of you who have owned rental homes and subsequently sold them, I have a question.

Be aware that if you borrow your maximum allowable in order to complete your rehab, that doesn't mean that your home will subsequently be worth 175% of your purchase price!

If you can let a subsequent investor buyer in without a bank, the price seems almost irrelevant.  

Talk to him/her about what they are looking for so you can repeat it on subsequent properties and be prepared to bring them back in if you get into something that is questionable.

If so, be careful not to strike a deal with this borrower, even subject to your deal, as you may have some problems with your price level and subsequent dealings with the borrower.

I'm new to BP and I am starting my wholesale marketing and would like to get a copy of wholesale purchase contract and subsequent assignment contract for Utah or any state and have a lawyer look it over before putting it to use.