It has no flooring, no appliances, kitchen needs to be done over due to miss-matching cabinets...the list goes on. 

.), else it can be considered as benefiting one over the other.Income has to be divided up-front, i.e. cannot be deposited in one account and then split from there (this is where a property manager will help as the rent can be collected by them on behalf of the owners).Not familiar with a custodian form 490T, would you please elaborate?

I have a separate tax savings account and deposit money into it as soon as the check hits my account.

Just depositing causes no harm and incur no tax.

@Michael C Gregory  that is not a lender that is a theif... pure and simple.one thing I think folks really need to understand.. there is 1 point and 5 % money  but this is ONLY going to happen with a federally or state chartered bank that gets to borrow their money from their depositers or govmit.. so their cost of funds is 2 to 3% its how banks make money loaning money. there is no fantasy land of lenders out there that are going to give investor loans at those rates..

Inbox me what you need done and I can match you with the right one.

Deposits stay until mutual cancellation docs signed@Don Johnson  EM needs mutual cancellation agreements signed.. purchase price can be refunded upon demand.Title company can't just take money without properly signed instructions..

Makes me wonder if we are lining up for a big correction.Or is the correction going to be a blip considering that builders are not starting to build unless a big deposit is committed?

I am a court reporter and have done many, many cases for the Contractors Board here in California where contractors did not adhere to the law regarding what is supposed to be included in their contracts, and how much money should be paid as a deposit and progress payments, etc.

The tenants also probably have a security deposit that you will be on the hook for when they move out.