If your startup costs are over $55,000, you lose the immediate deduction, and the entire amount would have to be amortized over 180 months (15 years).Here’s an example to clarify:•If you spend $7,000 on startup costs (such as attending BPCon, legal fees, and market research), you can deduct $5,000 in the first year and amortize the remaining $2,000 over 15 years, starting when your business is officially active.

- How do you assess the market and identify red flags?

You brought up some really key points, especially regarding location and the importance of making properties stand out in a competitive market—whether it’s for short-term, mid-term, or long-term rentals.I completely agree that proximity to Waco's major attractions like the university is essential.

This will help you learn the local market and quickly identify a potential deal once it arises.All the best!

So maybe just publicize it on FB market place 

The market is getting expensive and I’m worried it might be more difficult after I finally get current on my loan. 

If the buyer has good credit, you might go lower, while buyers with poor credit might justify a rate closer to 9% or 10%.Market-Based Adjustments: Keep in mind the current prevailing mortgage rates (which are currently around 6-7% for traditional financing) and adjust accordingly to stay competitive while still reflecting the added flexibility of seller financing.3.

As I expected this is a very different market than where I live (in NY).

Do you really believe  that someone with no capital, no experience, and limited education provided by 2 weekends at a guru boot camp is really going to be able to earn $100k annually by finding properties experienced investors spending $10k monthly on marketing to find have somehow missed, and then negotiating prices 50% below real value and flipping the properties to seasoned investors?  

Much harder to do in this market.