Hello AllI have a opportunity to purchase a 3 unit rental property. how should I structure the offer and what should be required in it.Does the seller provide a fee and clear Title with Title insurance, should the seller be required to evict the tenants before I purchase, what verifications or contingencies should i include. etc......ThanksJeff

We simply include the tax on the invoice sent to guests, which makes it easier to track and ensures we're covered for tax purposes at the end of the year.For Chicago, I’d recommend checking directly with the city’s tax office or a CPA, but generally, you’ll need to register with the city, collect the hotel tax from guests, and remit it on a regular schedule (likely monthly or quarterly).

Quote from @Fiona Brown: LOL @Chris SeveneyHe has picked who he wants to deal with So I thought I would ask as I cannot find ANY reviews... and I have picked mine :) Which is you LOL as I found heaps good reviews for youWe have a call with your associate tomorrow for my pick at 10 am Not sure who we speaking to as 2 people have emailed the times Katie KlezekToni Shackelfordok, I am blushing... 

This will be my first year filing taxes which will include 1 rental property. i do my own taxes since it's straight forward with one W2 and now a investment property. 

Warning: This post contains many charts, and I did not see a way to simplify the presentation.The zip codes in this study include: 89002, 89011, 89014, 89015, 89031, 89032, 89044, 89052, 89074, 89084, 89117, 89123, 89128, 89129, 89131, 89134, 89135, 89138, 89139, 89141, 89143, 89145, 89147, 89148, 89149, 89178, and 89183.

Mailing is a slow play and takes volume.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Biggest lesson here for everyone is NOT to include utilities EVER!!!!!

Previously I'd always used Stessa, which has a great Net Cash Flow statement view, breaking down the usual income/expenses, but also includes a section for Interest/Principal, and another section for CapEx. 

The first time this happened, the board of directors got an email showing trash everywhere, and HOA management offered to get "their people" out there to clean asap.