Seems fairly straight forward but I do not see this advertised much as a product feature.Thanks,Ken

(ie, was habitable, ready to go, advertised for rent and you were trying to get a tenant).  

You've obfuscated the actual income and expenses, so it's tough to know if you've allocated for any vacancy, what your capex and maintenance amounts are, etc.Please correct me if I'm wrong, but  I think that the correct way to calculate your taxable income would be as follows:+ Primary Income (if you have a W2 job)+ Rental Income- depreciation (27.5  SL)- interest payments on mortgage- business  related expenses (insurance, advertising, maintenance,  etc)You  may end up with  the same answer by doing it the way you suggested, but in many cases you won't.  

The real purpose of direct mail is advertisement not to buy a house.

When it is listed for sale it will be advertised at www.hudhomestore.com.

quick numbers:$135,000 asking$27,000 down payment (20%)$108,000 mortgage at 5% (guess) = $580Taxes $1200/year = $100/monthInsurance $1200/year(guess) = $100/month (guess, shop around)PITI = $780/month (meets 50% rule)plus10% vacancy = $175 ($1740 rent x 10%)10% management = $17510% capex = $175Sewer/Water bill (I find it hard to believe that tenant pays this) = $150/month (guess)trash/snow removal = $50/month (guess)10% miscellaneous (advertising, cleaning, buffer, etc) = $175/monthtotals = $1680cash flows = $1740-$1680 = $60 Essentially, you will break even if you turn it over to a property manager and are never involved in the day-to-day operations. 

The acquisition and rehab is done before it's advertised to the investors.

When I tried to get some guidance, he simply pointed me to the common non-constructive advice: "talk to an attorney".When I talked to my institutional mortgage banker, the conversation was much more friendly and cordial, but he was strict: we cannot provide a residential loan for a property for the advertised zoning doesn't match the book.

I should also say that I find a thread promoting Atlanta, from a real estate agent in Atlanta, to be a rather ethically dubious form of advertising.  

It's time to think seriously about mounting a public and political campaign to make decent, affordable housing a right for all Americans.