Hi All, I recently learned an important lesson: Don't forget to require recently utility statements before closing on a property.

My wife and I are working on purchasing our first duplex where we would utilize an fha loan to owner occupy the smaller of two sides.

I also want to know if you've included landlord insurance and utilities because in Utah the owner is incharge of water, sewer, garbage not tenant.  

(Then there is of course the follow-up questions- Other than yard maint/snow, garbage, utilities, etc. anything that's commonly missed that I can put on the Sched E?)  

Now, figure vacancy, repairs, utilities, lawn care, snow care) is there anything left over?

After utilities, we are breaking even or in the minus a bit.

Separate utility from excess & bling and stop trying to impress people that don't matter (like strangers on the freeway looking at your newly-leased $700/month Mercedes - foolish!). 

Many CPAs will not know how to utilize these real estate programs.If you as investors need to show financials and do some modification on the financials to collapse or whatnot, the CPA might or might not do it on their QB.

Utilizing some of the technological resources out there (shared calendars, project status updates, clear email chains) to keep all team members on the same page for this project has been key.

-Future sight is that this property is zone for multifamily, so being able to utilize the lot might affect its value.