With a multi you have to pay for common space energy usage, and usually hear and water.

I'd then likely have you prep your own returns and then review them at my hourly rate to ensure compliance prior to you e-filing through TurboTax.

Anything not listed you should have to go through the principal broker or designated BIC ( broker in charge) to see if it is an allowed activity.Principal brokers only get what is required of them for E & O insurance.

Here's the rough numbers on my current deal I should close in about 2 weeks in E Oakland: $390K Purchase price. $100K Downpayment $30-40K in rehab $420-$430K total cost $130-140K total investment ~ 7GRM & 8-9% cap rate on out-of-pocket investment 10-12% CF return on investment before principal paydown, appreciation, and laundry income. ~$60-100K projected built-in equity if all goes well.

We unfortunately never got to the point of writing up a contract just exchanging e-mails for scope of work agreed upon ace verbal agreement on price.

Sure, stocks and bonds could generate higher returns cash on cash, but not in a mutual fund and not by an amateur just picking something off of e-trade.

@Polina Goncharova - as an accountant, you should know about Schedule E - look there and make sure you have allocated for all allowed deductible expenses; they're deductible because they will be incurred in the course of doing business as a landlord.

(I base this on a house that was soaked with dog pee, kid pee & 20 years of cigarette smoke!)

. : )First step is make sure it is cigarette smoke and not some other kind of drug which is more expensive and much harder to remove from the property.If it's just cigarettes the extent of the cleanup will be relative to length of time smoking in the house and the frequency.It is labor intensive and does cost quite a bit of money so figure that into your offer price. 

Unless the check happened in a different period and you've already submitted financials to a 3rd party, I'd skip the J/E and just go back to the check and change the account to an expense as Account Closed said.