I am located in SE Washington, (TriCities) if anyone is interested in properties out here!

Whatever the income level (first property rented for 1200 in SE Memphis, so not talking about "hoods") Detroit, Cleveland, Atlanta, Memphis where ever.

Ed,It would moderately suck to do this and get moved but I am comfortable with the situation for a couple reasons.1) There are many good programs in SE michigan which are all going to be ranked at the top of my list.

We are in the same market - I'm closing on a place in SE before the end of the month, where is yours?

For example, You may have a silent partner who won't want to have to pay SE tax on all of the income.

I doubt it, but wanted to check to see if there was a loophole.On solo 401ks, is the self employment income that you can contribute from, limited to whatever you report on schedule SE and pay self employment tax on?

Rentals in SE Michigan are very strong.

(April 15th, June 15th, September 15th and January 15th) These are the estimated payment due dates each year. http://www.irs.gov/pub/irs-pdf/f1040es.pdfIf your state has an income tax, you will have to find their estimated tax form and fill that in as well)Be prepared to pay 30% or more of your total income in taxes(Income and SE tax which is comprised of both halves of Social Security and Medicare)Second, since you are in business for yourself as a sole proprietor, you will file form Schedule C with your Form 1040. http://www.irs.gov/pub/irs-pdf/f1040sc.pdfYou will want to include your payments on your 1040 when you file your return.A single-member LLC would have no difference as it is treated as a sole proprietor for that purpose.If your LLC elects to be taxes as a corporation(preferably an S-Corp) You would be required to do the same thing; however, you will also be required to issue a W-2, and file employment tax returns.

We're looking at houses and my boyfriend has experience in construction but not termite inspection per se.

Here in SE England the 5-6% is before any expenses, so if you have to rehab or replace items you can be down even more points.On a wider note I am more confident the US has reached the turning point than I am about Europe, the whole Greece thing is making it very hard to predict the future.I am concerned about people with things to sell and the distance that puts them from the truth, that's why I started this thread.