We are asking the current tenants to leave as the property is not in optimal condition we like to have our rentals and we would like to fix it up to increase value and rents.

Where would you find a good mentor to fund the emd and down.

Additionally, the property includes an outdoor swimming pool.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

We've used LLCs by going to sunbiz.org, setting up the LLC, and then heading over to IRS.gov to get the EIN (Tax ID) number.

It also allows you to determine how fast you want to pay back the loan.

I had no idea what to do.

Without plans and layout it is tough to say for sure! 

The property was in a great market but needed a full cosmetic rehab and basement finish to add a bedroom and increase resale value.

We want to rent it out.

If there's a lot more headache- then I encourage you to implement or improve a Complete Household System, try to get SFR's with 6-11 bedrooms, no more than 3 rooms per 3/4-Full bathroom, and make sure there's one (not more than one) beautiful living room with a big screen TV.