To capture everything suggested thus far, I am thinking something like this to be added to the lease, "On the 6th day of the month, if the rent has not been paid, the tenant agrees to have their credit card charged for the total rent amount, plus a $50 late fee, as well as any credit card processing charges.

Ill pick up a commercial spot or two along the way- after a few houses have been rehabbed and a little buzz is beginning id like to find an up and coming chef that i could offer a free year lease to begin a new restaurant- my ideas get lofty i know but in reality im not trying to travel the moon!

If I'm understanding your reply, it appears there will be no tax liability in 2011; the tax liability will be captured in 2012.

The only way this route makes sense is if you're getting a ton of equity capture.

Let's talk about what we are doing or plan to do to capture these opportunities.I'm coming down from Dallas, and investors from San Antonio, Houston, and elsewhere are welcome to join us.

I'm curious what the biggerpockets community here thinks of quirky properties like this one: youtu.be/KnGzTe-CaYQ (video tour captured by GC)Quirks & problems include (but not limited to):-exposed (and unsightly) piping (can't be to code, right?)

That way those LLCs were not captured entities, notes closed in thier name, and active entities standing alone.

Frankly, I have no cash right now to work with and am actually thinking about cashing out of the property I do own to capture equity and pay off some personal debt.

If you can actually get the current tenants to lease option the house for $140k with a balloon in 5yrs this could be a decent deal, imo, to capture $30k -$40k in profit plus some monthly cash flow.

Pics are detailed, a video walkthrough might help to cover damage at odd angles that you cant capture with 1000 photos.