My CPA suggested I use my W2 and my Rental Income and basically not claim much if any of the tens of thousands in expenses that I incurred in the Rehab process.He says I will have to pay Uncle Sam a pretty penny up front, but that I can then take my 2 years of tax statements and get the refinance done.

That is like paying someone $1 to avoid sending Uncle Sam a quarter.  

Hey Sam. A

It is unlikely that in seller financing the seller is having the buyer fill out a 1003 application which is signed under perjury laws and then sell the note on the secondary market insured by Uncle Sam. A

@Sama Pa @Natalie Kolodij is excellent

If interest rates go to 8%, 9%, 10%, or higher, Sam’s mortgage company is going to become more active in finding wrapped mortgages.

the costs of clearing , adding utilities  ( water and sewer )  subdividing , and misc site work will cost  the sama as it you were building a 3000 sq ft house .

I obviously don’t want to owe uncle Sam a large amount of cash.

@Paul ColemanI would also be careful chasing depreciation and make sure it’s a sound investment.I believe in the applewood foreclosures the investors got bonus depreciation then lost their entire investment then guess what happened, they got the double whammy of having to pay back that depreciation so not only did they lose their entire investment but they had to cut Uncle Sam a big fat check

Hello Sam, A short term lease agreement would definitely be a good idea.