It was a bit comical and I almost wanted to stop and and ask him why he was talking about ways to create ordinary income after you just explained that passive income is the best thing since sliced bread.

@Steve Babiak,@Manolo D.if the windows are replaced i believe they are recommended to follow the EPA RRP laws. but as i said, in NJ a window replacement does not trigger a permit, it is considered Ordinary Maintenance under the UCC ( Uniform Construction Code ) which is what new jerseys follows and adopts the New Jersey version of the ICC Building and Residential codes, along with other codes. but every States code is different. there are two other factors to look at - is the place occupied with any children under 6 ?

It is worth sacrificing a couple of good soldiers, especially compared with the cost and labor of all new cabinets.It is a low cost project, one quart of polyshades (maybe 12-15 bucks) and a couple of really good brushes and some ordinary scotch brites kitchen sponges (which Costco sells in bulk).

You can also think of a cap rate as an infinite series with level payments, or an ordinary perpetual annuity.

What ever he is comfortable with but illustrates that the money is pledged to the transaction with no further underwriting.Additionally, do not sign the note in advance...you don't have the money yet silly.Then manner in which you approached the paperwork is a little out of the ordinary and that might just have the agents and bank scratching their heads.

But it's good to know that it is possible to find that kind of information from real estate agent MLS.Now here is the question can an ordinary person like me can get access to the real estate agent MLS.

As an example, if you carry a property for over a year and can demonstrate intent to have kept it as a Buy and Hold (Brandon Turner can correct me if I'm wrong), you can take that as Capital Gains instead of Ordinary Income.

Any time you have  rental property, you use depreciation to offset your rental income and perhaps even some of your other ordinary income.  

Ergo its highly doubtful they report.. what they can do though is issue you a 1099C which will be ordinary income to you.. and create a mess with the IRS.they could sue you for a judgment.If they go the DIL route make sure you have an attorney negotiate out the fact that no deficieancy can be done and that they will not issue the 1099C against you.

A trained, and competent Agent/Wholesaler brings far more to the equation than an "ordinary Agent".