That act expires at the end of 2012.That said, like many "temporary" tax measures I would be it gets extended.

This will cause you to file Schedule E on your tax return.If you are a Multi-member LLC, you will want to file the return as a partnership(Form 1065).If you flip/wholesale properties, you will want to elect S-corp status and pay yourself a reasonable salary.Some people if they are in a high tax bracket, will use a C-corp to hold their properties in order to acquire financing separate from their name and to shelter some of the income from tax if they are not taking any dividends for an extended period of time.

Can they look at one years tax returns and extend my debt to income ratio so I can be approved for another loan?

The exception to that might be if the rehabber who is wholesaling the deal is over-extended, either financially or time-wise.Another point for you, Steve S., is that a realtor who is looking for a commission when you sell, is also likely to overstate the ARV when he brings you a deal to buy.

Yes them being responsible for ANYTHING can be scary.I do not like the lease where they are responsible for first 50 dollars etc.As stated they never fix anything or report it and it gets worse.I also do not like them to change light bulbs.I have seen them mess up cord chains on ceiling fans,drop the globes and break the lights,take lights out of 4 unit in bathroom and put in another place and only have one bulb left in bathroom so they don't have to buy more,try to use wrong size bulb that reams out the fixture or causes an ark,mess up the outside lighting and rim out the casing that holds the unit to the wall etc.I have about seen it all.We get the extended life lights so we have less maintenance calls and the tenants like it because it cuts down on their power bills.You can find them on sale as nobody buys them because of price.We find them on sale at Home Depot for half off and stock up.Same thing with washer and dryer.They install improperly and water comes down into the ceiling when running.Also they don't call if toilet is running from tank to bowl as they are afraid only 25 dollars to replace so they would have to pay.Instead I tell them we will take care of it and to call us.We build a rep as a landlord not out to rip them off and we take care of them.We also screen tenants heavily to keep out the bad element.If I made them fix it they would rig it plus since I pay water with one line going to the building by them not reporting my water might be 50 dollars more for that unit that month.I have seen tenants take off smoke detector and use it for ash tray,take a piece of plastic from a bag and connect it for the pull chain when the rubber one broke on the toilet etc.So my experience with many tenants is you DO NOT leave it up to them.It costs more money and I end up fixing it anyways.I think the big distinction here is some investors on here might own a house they are renting out which will be different on many levels from an apartment complex.Someone that owned a home and is now renting might take better care of it versus someone that lived with another person and now wants to rent an apartment.With my 20 unit I have a repair guy on site.Now I don't let tenants give me a list of demands.If the fridge is old but working,stove,stove hood,or a part goes out we replace the old part to fix.We DO NOT meet cosmetic demands from the tenant.They have to pay and do that themselves if they want a plusher carpet,designer paint etc.

I have reached out to the inspector to see if I can get the deadlines extended because of the situation, but have not heard anything back yet.My question is about the income tax aspects of the potential fines and penalties that may be assessed.

The warranty will not (I can garauntee you) cover the interior finishes.Lastly, lastly, If you don't want to jack around with a soaker house, you can put an impermeable cover around the outer perimeter of the house and extend it outward at least 5 ft.

I tried the "touchy feelly" route by giving options and extend dates to vacate or get rid of the dog etc.. and got burned.

The HOA lawyer is from the bottom of the lawyer barrel, they are a collection of real toileteers and will lie and cheat at the drop of a hat.You better have excellent documentation about your issue, otherwise the HOA lawyer will simply lie to the court and probably get away with it.One of the repulsive things about HOA litigation is that the "presumption of validity" that goes with deed restrictions is currently being extended to HOAs themselves.

Glad you're looking to extend the BP forum to face to face meetings.