They are the wild west; there are no sellers disclosures, no inspections, often times you can't see the inside, you may have to evict the former owner, and more often than not the properties have significant physical neglect.

your individual circumstances should be considered with your CPA and attorney, because forming an LLC or a Corporation has both an accounting and legal implications.

Figure it out more accurately than that.2) You're neglecting a number of expenses including property management, capital allowances (even a new place needs a roof down the road), legal and CPA fees and a number of other things.3) Getting a OO loan will require you to sign a statement saying you intend to occcupy the property.

HELOC was at 7k and C.C. was at 12.5k 2 years ago when We finished the house, I've since paid off 3k of the heloc and 3.5k of the C.C.The car no excuse just what we wanted.Unfortunately the circumstances dictated some of my debt because I really thought I was doing good going into the build having 50K saved up to put down.I am not typically a spend first kind of guy (our new family vehicle was our 1 vice) I drive a 2002 ford focus with 200k miles ive had for 6 years and bought cash.

I have a friend in the area that wants to get into real estate but does not have the credit or cash, I have both but I am not in the area and cannot capitalize.Does anyone have a strategy that has worked for them in a similar circumstance?

I know for sure that if this were in California, you can file unlawful detainer right away when someone overstays the lease, especially in my lease, where the clause is written as such-"Upon termination date, Tenant shall be required to vacate the Premises unless one of the following circumstances occur: (i) OWNER and Tenant formally extend this Agreement in writing or create and execute a new, written, and signed agreement; (ii) OWNER willingly accepts new Rent from Tenant, which does not constitute past due Rent.

Not that I want to be moving every year anyway, but just in case the circumstances called for it in the future.

If it is passive, I would not be worried about a salary.If you already have a corporation and use that to make your investment it would be taxed as interest.Facts and circumstances of each case.

My experience is that if regulators don't like something there are volumes of regs that may be applied under different circumstances for each situation.Before you do anything you better spell it out, show the entire plan and see an attorney

No one would have sued you as long as you continued to make payments on both DOTs, people only get sued in these circumstances when they stop making the payments.