But I know with heat pump systems, that it's possible for the heat pump to not produce sufficient heat at times, and when that happens a back-up heating system kicks in (whether boiler or furnace, or gas or electric or oil - that depends on what fuel types are avaialble at that property).

Having a managerial accounting knowledge will be sufficient, basic slotting of acounts, basic cost accounting and basic taxation, you need to make the decission to slot entries, after that, it pretty well maintains and flows itself.

Really, most negotations aren't, whether its real estate or buying potash producers.

Intrinsicly speaking, if your management company can produce enough of a return to be an attractive investment than I see no reason why you could not build a business plan based on that premise.

OR some times require equity in other income producing property.

I don't see it as having a huge impact on tax compliance or in producing more taxable income.

Whatever number you see listed by the seller or their agent as the NOI should be assumed to be the best possible NOI they've managed to produce, if its less than 50% of the gross income.

I am unsure of how to handle the deduction of expenses on this house since it has not actually been rented yet and has produced no income as of yet.

[/quote:Here is my take on this issue;Any property held to produce income is debt-financed property if at any time during the tax year there was acquisition indebtedness outstanding for the property.

The way that we are forcing appreciation is to first look at a residential property as an income producing dwelling.