That's what even CPAs debate.The answer to this question then influences my main concern: mileage deduction.If I have to drive to a rental for some maintenance (no other stops to keep it simple), can I deduct the mileage, if I have an office in my home, but not an "IRS type qualifying home office", that I actually use for business purposes?

Crazy but I'm sure not that uncommon.Thisismy great advice because I'm getting ready to put a deal under contract where I stand to make a significant wholesale profit and I'm not worried about my end buyer caring about how much money I'm making but I'm more concerned about the seller and mainly the sellers attorney since I do live in New Jersey.

I don't need to try jumping the Grand Canyon on a motorcycle to know it's tough, even though there is likely someone out there who would argue it's doable.In addition to the two times I've tried it myself, I've spoken to several underwriters about it, have had my mortgage broker speak to several underwriters about it and have seen other investors try it (mostly unsuccessfully).Even Aaron, who seems to be the biggest proponent of it provides just a single story about how he did it thanks to some luck.Sorry if this is coming off defensive, but again, my main statement at the beginning of this thread was:"Your ultimately buyer may have difficulty getting this type of property through underwriting for conventional or FHA loans."

However, if you mainly rule it our because it is too much work, you may want to reconsider the whole RE thing.

I did very well for myself, but that was mainly because of the amount of money I invested.

The main reasons are the population of these two cities are growing fast, there will be high speed rail station built up in Palmdale which will help local development, and finally these two cities are within 60 miles radius of LA.

I also asked if I were supposed to get the deposits and prorated rent (the building closed on the 10th and rents were collected on the 1st) and have been told by everyone 'I don't know' so mainly my questions are 1.

location to main town?

Bill Gulley - Go to the main forum page and click on the tab that says, "My Discussions."

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