Once you close, you should do a write up and post pics. 

Your writings indicate your just looking to pay cash and have a propertyThe theory with brrr is you get it below market, fix it, rent it, way till it is seasoned (6-12 mos) then refinance it and get all your cash back because you have 20%+ equity in the dealAs an example I bought a condo for $70k, put $20k into it, rented it for $1500 and refinanced it as it appraised for $140k so I took a 90k loan to get my money out (don’t take extra but some may- personal preference).Now I got my 90k cash back, so no cash in deal and rent is paying PITI + condo fees and still cash flowing $200.

@Andy BondhusIf you are using the car for business, you can either write off the mileage "or" the actual expenses.

Our plan is to take her security deposit to pay for the replacement of the carpeting and to write her an invoice for the remainder of the bill and take her to small claims court if she doesn’t pay the outstanding balance.

I have been driving for dollars and taking an hour a day to drive around to check out these pre-foreclosures & vacant homes the last 2 weeks and then if they look like a good fix n flip or rental, then I will go home and write a hand written letter to them.

What kind of paperwork should be in place to legalize the investment and I understand I should write a check to his company not him personally? 

I will write all about it in the next few weeks.If anyone has any questions, please let me know.

The owners are an older couple who aren’t necessarily real estate investors, I think they just owned this for a tax write off.Any help is greatly appreciated!

Write a personal note thanking for stopping in and how much you enjoyed the conversation.

A 30 year mortgage puts you in the game where you can write off interest rates and other real estate associated expenses.