Also, in the future, don't accept partial payments.

Insurance Check + Wholesaling the property in current conditionPrevious rent vs Future rent restored with brand new componentsLost rent from 2-6 months of reconstruction

Numbers: Purchase Price: $100,000Down Payment: $5,000Pre Closing Costs (septic test, well test, etc): $1,937.38Closing Costs (not including down payment): $5,706.86Rehab Costs: $14,983.18Includes first time purchase of tools needed, shop vac, miscellaneous supplies that will be used for future BRRRRs.

I just hope you plan on saving money from your free rent to purchase another property like this in the future. 

Maybe it will be a good number maybe not, but really I want to form a relationship with them and eventually try to workout a line of credit for future deals.I plan to provide a detailed folder with the current project start to finish, and show them the numbers from the BP calculator and how I worked the entire process.  

I look forward to hearing more from you on future forums.

. - What legal steps should I be taking to reduce future liability and be prepared on the tax front?

Then save up your reserves for future deals.

But nowadays there are also Facebook Groups and this website which can help you connect with someone who might be willing to share some advice.Also share your goal with people you already know, maybe one of them will know your future mentor.

I am more interested in learning about the best way to collect and report rental income and also learn any key things I need to do in order to make sure that it will count toward my yearly income so that I can qualify for additional loans in the future.