I also have an agreement with a tenant to shovel when it snows for a portion off of his rent.  

My student loan company will not give me a monthly quote for a 30 year repayment plan until 60 days from my first due payment, so many of the lenders I have called will only use my 10 year repayment plan as the debt portion of the DTI, and thus I would not qualify for a loan.

We investors are more experienced in the process so may not need an agent, but for everyone else it can be overwhelming.A large portion of agents fail because they are taught the legalities and the process of buying/selling real estate in their schooling.

I found a property that I was going to TRY(i say that cause I needed funds) and buy to fix and flip...however life situations  have come up and I need a home for my self and 3 kids with the one on the way...here it goes 3br brick home 2 bath unfinished basement in cook county illinois...back taxes on this property are all that is owed no mortgage it's on 3 property pin numbers which #2 has been sold to a tax buyer that can only be redeemed from that tax buyer for 23k(i have been in contact with them and they have not deeded the property and won't for awhile) pin#1 and #3 has unpaid taxes a portion sold to a tax buyer and the others just need to be paid for.

b) Does the prorated taxes that the seller pays account for a portion of those allowable credits, or is it a totally separate obligation of the seller?

Home Specs: 3/1.75 1500 sq ft, 5400 sq feet lotList price: $375,000Purchase price: $340,000ARV:$440,000 (comps verified with homes sold in 1/4 mile radius in last 30 days, not to mention a few pending listing at $460ish)Rehab: $20,000-Scope of work: -Paint int and ext-finish original hardwood floors 1200 sq ft-new windows- install 1 ext double door -landscape back and front yards -bath1: new shower pan/tile, vanity, bathroom flooring, light fixture -bath2: epoxy coat tub and add tile border, new vanity, new flooring, light fixture -3 new mirrored closet doors-1 water heater-kitchen tile-retouch white cabinets and add modern hardware-5 int doors-door hardware, hinges, electric plate coversHard Money Loan Terms: $300,000 with 3.5 points and 12% interest$40,000 cash for purchase$20,000 cash for rehab$10,500 cash for hard $ points$9,000 holding for 3 months (1.5 month rehab, 1.5 month market and sale)The largest concern is the shower pan in the bathroom caused flooding and destroyed a portion of the bathroom subfloor, I made sure to mention to my inspector that I need him to verify that there are no signs of mold under the home. 

Home Specs: 3/1.75 1500 sq ft, 5400 sq feet lotList price: $375,000Purchase price: $340,000ARV:$440,000 (comps verified with homes sold in 1/4 mile radius in last 30 days, not to mention a few pending listing at $460ish)Rehab: $20,000-Scope of work: -Paint int and ext-finish original hardwood floors 1200 sq ft-new windows- install 1 ext double door -landscape back and front yards -bath1: new shower pan/tile, vanity, bathroom flooring, light fixture -bath2: epoxy coat tub and add tile border, new vanity, new flooring, light fixture -3 new mirrored closet doors-1 water heater-kitchen tile-retouch white cabinets and add modern hardware-5 int doors-door hardware, hinges, electric plate coversHard Money Loan Terms: $300,000 with 3.5 points and 12% interest$40,000 cash for purchase$11,000 possible payout for selling agent commission$9,000 closing cost (will attempt to have seller pay closing)$10,500 cash for hard $ points$9,000 holding for 3 months (1.5 month rehab, 1.5 month market and sale)The largest concern is the shower pan in the bathroom caused flooding and destroyed a portion of the bathroom subfloor, I made sure to mention to my inspector that I need him to verify that there are no signs of mold under the home.

$8,000 down the tubes to totally re-roof the 2nd story portion of the roof, and tar the 1 story portion.  

I am in the middle of doing it for the 1st time (about to start the refinance portion), and have seen it done multiple times here see (@Michael Noto  who documented some his experience in a diary here).

Do I understand correctly that one can deduct that portion of your home's property taxes as a business expense that is used for your business?