Think contract nurses.  

I'm currently in college, but will be home for winter break.

He will own 1/2 of about 4M in real estate after 2 years and is already under contract on 2 more developable projects.

Both people lived up to the terms of the contract (the lease) and it is done.

That fills your unit for the winter and buys you time to prepare for the next time.

Net Sale - Is the contract price, minus the closing costs and commissions.Adjust cost basis - Is the purchase price, plus capital improvements, minus depreciation.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

.- Maintain proper records, such as contracts, settlement statements, and promissory notes.- Additionally, you can track income and expenses consistently using software or spreadsheets.If you track everything, you could show a loss and use that to offset other earned income (such as a W2) which will net you a bigger refund.

Now I've got a property under contract:$78K purchase$35K in development of utilities.$24K in soft costs (permits impact fees etc)$200K (or less) buildout of the house (size tbd on after-build-appraisal) Likely going with 2/2 A frame 1000 sf.

I have it contracted at 285. property is 3/1, with a unpermitted toilet in basement.