Hi, I'm looking for investor-friendly CPA in Overland Park, KS area.One of my immediate questions is how my LLC (partnership with two partners) can write-off interest paid on a mortgage that I took on my name?

I don't see someone buying this type of property when there is not much money to be made even after you put in and fix it up it would be worth about 75,000 and the note needs to be paid which only leave 7,000 profit which doesn't include closing costs and of course anything I could scrape off.

Since its been foreclosed, no taxes have been paid to the city.

I haven't invested in real estate yet ("pre-newbie" anyone?)

Read your contract and make sure you get paid any late fees collected.

I am not talking about a flat fee service, I am talking about a fee for services brokerage where you get what you pay for and agents get paid up front a portion for their services with the rest being paid at closing.

Have you gotten pre-qualified from a hard money lender yet?

They get paid either way.

What also concerns me is I have family in Cleveland and their home was just reassessed at a higher value that what they paid for it a year ago.

Get pre approved with a lender (either conventional lender or a hardmoney) so as soon as you find something, you can make an offer!