Your starting depreciable basis should have been the LOWER of what you paid or the FMV in 2010 when you converted it to a condo. 

It's the scam sales funnel 101 that you read about online with old ladies spending their last dime on some "guru".4.

If anyone has had success of has had a deal accepted by them where they actually paid them the $10,000 finder fee... please reply to my discussion.  

@John Davis be sure to check out all the city landlord requirements.Michigan also has an online Landlord-Tenant Handbook that is awesome source of info.Lastly, be sure to join the RPOA investor's group in Grand Rapids.

It would be reported as Gross Receipts on Line 1 of Schedule C.

Quote from @Diana Teng: Hi all,I think my question above is pretty direct.I'm interested to buy my first rental property, and after doing a brief search I see that there are quite a number of places out-of-state (I live in NY state)  that offer affordable homes that deem to be in hot market areas right now (according to many different articles online). 

Many of these platforms integrate directly with QuickBooks Online, which I use for my clients.

Looking for free or cheap paperwork online is not the route to take.

I suspect the reason why your rate is so high is because you’re using an online lender.

The "online leads" trend becomes a vast pool of scams, each one discovering a new and "better" way to find motivated sellers via SEO/Paid adds/Social Media etc, and automatically aims to make a profit from selling those so-called leads.