I’m starting to look at duplexes in my area as I work on fixing my credit score and I hope to get into something by the end of the year or beginning of next year.I look forward to being more active in these forums!

I'm in the process of evaluating Fall River MA, Franklin NH, Skowhegan ME, and the general Southern NH and Southern ME areas as locations on the rise - and am very interested in learning more from investors active in these areas!

Income Evaluation No of Units Unit Rate Income       2 Bedroom Unit A 1                 650.00                                    650.00           2 Bedroom Unit A 1                 650.00                                    650.00 2 Bedroom Units A 1                 650.00                                    650.00 2 Bedroom Units B 1                 650.00                                    650.00 2 Bedroom Units 1                          -                                               -   3 Bedroom Units B 0                          -                                               -   Garage Units 0                          -                                               -                  -   Storage Units 0                          -                                               -   Laundry Units 0                          -                                               -   Comm Units 0                          -                                               -   Comm Units 0                          -                                               -   Comm Units 0                          -                                               -   Total Monthly Income 5                                    2,600.00 Total Annual Gross                              31,200.00 Total Annual Cost / EBIDTA                                9,911.86 Net Cash Flow (Annual)                              21,288.14 Net ROI 42.39% Monthly Cost of Operation By Landlord By Tenent Monthly Annually Monthly Taxes x                                       137.50             1,650.00   (From Historical Data) Montly Space Rent (MHP)                                                -                            -   N/A Monthly Insurance x                                       100.00             1,200.00 Calc'd Monthly HOA                                                -                            -   Posted Monthly Water/Sewer   X                                       320.00             3,840.00 Estimated Monthly Garbage X                                       160.00             1,920.00 Estimated Monthly Electrical X                                                -                            -   Tennant Monthly Heat/Gaas   X                                                -                            -   Tennant Monthly Other Utes x                                                -                            -   N/A Monthly Yard Maint x                                         20.00                 240.00 Estimated Monthly Maint - Op Ex x                                       260.00             3,120.00 Calc'd - 10% Cap Ex x                                       260.00             3,120.00 Calc'd - 10% Monthly Vacancy x                                       182.00             2,184.00 Calc'd - 7% Screening/Tennant Management x                                         20.00                 240.00 Estimated Monthly Management x                                                -                            -   At Risk - Self Manage MONTHLY OP EXP                                   1,459.50 Total Annual Expenses                                 17,514.00 Total annual Debt Service                                   8,452.36 Net Operating Income NOI                                 13,686.00   Net Income                                       5,233.64 ROI % 10.42% Low/Average CAP Rate (Net Income/Purchase) 2.92% Extremely Low  Cash Flow per Door                                       109.03 Very Low  Tax Assessment  Estimated Expenses - 50% Rule                                       159.50 Conservative Banked Amount - CAP Ex, Repairs, Vacancy                                   8,424.00

Do I go by the assessed value or the appraised?

@Delshon Chestnut, there are several experienced CPAs who are active participants on ths forum.

No unfortunately not, if your main source of income is active real estate investing and doing numerous deals per year, then its considered income.

@Damian Williams  I'm also new to the real estate investing world and have found the local REIA (real estate investment association) a good place to begin networking activities (per @Alex Tahnat 's suggestion above).

Wholesaling would be considered trade or business and income from an active business inside of an IRA will be subject to Unrelated Business Income Tax.

We're up to around 7100 single family homes currently active on market..  

@Jack B.Three scenarios: 1) If you reinvest- yes it is traced to that activity and deducted2) if you use it for personal use - non-deductible3) if you hold on to it on your LLC account/ books, but dont reinvest - it can be argued that you are holding on to that money for future repairs and stuff and you refinanced/mortgaged because the interest rate was super low compared to what coming in the future.