For example, if you manage the rental yourself then you won't pay a property management fee.

So even if you do only avoid paying federal taxes on say the last $100K of your income, that's a really good deal.P.S.

Also, when I switched to new management, Northpoint suddenly issued new "fees" (some back-dated for 2 years ago) and wouldn't pay out the money that they owed me.

You have to pay depreciation recapture and gains on the pro-rated time it was a rental.

It appraised for $201,000 the other month and I put $103,000 in my pocket after closing costs and paying off the old note.I wish I had about 20 more of those...

---The way my mind is thinking, this should be eliminated by paying off the mortgage with the WLI cash value policy loan.

The unit is part of a condo association for which we pay fees.

Also never pay any upfront fees and go with a trusted lender who closes through a title company. 

The public has no way of knowing this is occurring until later notices document and prove it.b) Once thats up  the borrower sends a Notice of Default and Intent to Accelerate giving 20 days for the borrower to pay the entire amount owed (cure the default).

Your first year will be a learning experience, you will want to be close to the action, as you may not have the capital to pay someone to handle everything.