It will benefit you to do cost segregation if you are a real estate professional or you make less than $150,000 modified AGI and then you can offset your active income with your passive losses.

I like to call this a nice safety net for those that our younger and looking to save but fear locking up all their capital. 2) Keep in mind to contribute directly to a Roth IRA, you need to be under the Modified Adjusted Gross Income (MAGI).

I designed it this way so it's easy to modify and for change orders, also it's easy for me to calculate my costs because workers compensation varies a lot in CA (7-57%).

What you're looking for is typically a Purchase and Sale agreement, Assignment contract, and a modified contract for double closings. 

Looking for a few people's opinion so i can modify or solidify mine.

@Deanna McCormickTaking your advice creates many more issues for the landlord and solves none-The lease cannot be modified unless all parties are in agreement including the tenant that vacated- The remaining tenant also has an undivided interest in the deposit .

I took a contract that I got in an investing course years ago and have modified it continually as I learn more.

These in reality are rare, they are not something for some newbie or even a 5 year operator to try to do as their main business in most markets, you will waste your time and starve trying to go elephant hunting.Getting stuck or even trying to start in one strategy is a big mistake, start with the basics, get a good foundation of conventional transactions, how retail works, from there you can begin to modify aspects of a situation to employ tactics that can make a deal.

Also throwing this in the discussion for any visitors who are looking for creative solutions-- Jim, if you get the note reperforming, you could hypothecate it by using it to collateralize a loan or just sell off a partial of the modified loan for a return of capital.

Single Room Occupancy (SRO) or PadSplit / CoLiving are able to make a ton of income, especially if you modify the house with a couple extra bedrooms.