I'm a Managing Partner at a company that facilitates Full-scale flipping, lending, development, and portfolio acquisition. 

Hi Jeffrey, In Florida, when a property is purchased at a foreclosure auction by a third-party bidder (not the bank), the purchaser is generally responsible for unpaid homeowners association (HOA) assessments that accrued prior to the acquisition of the property according to Florida Statutes.

Started using Xero last year, as better bookkeeping was needed a new acquisition with a partner. 

Quote from @Anthony Sigala: We are all aware of the 1% rule--the gross rent produced by a property must equal 1% of the of the property's acquisition cost.

There are types of deductible debt: - Acquisition debt (a loan to directly acquire an asset)-Renovation loan (loan against an asset, used to renovate that asset)-Replacement debt (a loan which is a refinanced replacement of an initial qualifying replacement). 

REPS hours must be a work activity involving “any real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage trade or business.” 

 Here's How to Make Sure It's Set Up for SuccessToo many real estate investors focus only on acquisition and forget about financial clarity.

Interest paid on acquisition indebtedness and home improvement indebtedness is generally eligible for the deduction.  

They will fund 80-90% of purchase and 80-90% of renovation but not one or the other if that makes sense. they want skin in the game from both sides (acquisition) and renovation. 

We all don't care how much Apple profits on our iPhone... what really matters is the product or value we get or in this terms the ROI on our principal.The fees can be broken down in the three main fees (so you might have to combine some of the above fees under one of the categories below):Acquisition fee (paid % of the asset price) - normally 1-3%Asset management (paid % of the income the asset produces) - normally 1-3%Distribution or exit fee (paid % of the sold asset price) - normally 1-3%Development fees (this is present in development deals) - exampleNOTE: Just because these fees are high or the split structure has too much going to the GP does not disqualify it.