(Every landlord thinks their property is worth their weight in gold!

To answer some questions above, this is a properly executed 1031 exchange of like-kind investment properties

I've decided to place an offer for around $11,000 and subject to Joe pulling the proper permits and having the proper inspections completed by the town building inspector (and of course another couple escape clauses).

Yes I believe in proper due diligence.

Yes, Yes, with proper deposits and built in protection with rent prices via maintenance reserves.This is one method we are considering rather than trying to find a flip to increase investment capital this year.Thoughts, considering low Cash on Cash but possible increased investment capital through equity?

The concern was the weight of a vehicle on the lawn could damage the sewer line. 

I properly recorded a second mortgage on a property.

Hopefully this image posts properly.  

Let me know if you have any questions on the below link.http://www.irs.gov/publications/p551/ar02.htmlIncreases to BasisIncrease the basis of any property by all items properly added to a capital account.

Expense:Mortgage- 648Mortgage Ins. 83Home Owners - 185Property Tax- 268.75Total=1116.08Income:Unit 1- 750Unit 2- 750Cable- 180Garage-75Total= 1755Cashflow--->638.92Sorry my spreadsheet didn't work properly!