However, I stumbled on an excellent article outlining these requirements from a tax code and tax court perspective (http://www.forbes.com/sites/anthonynitti/2014/07/09/tax-geek-tuesday-the-irs-finally-figures-out-the-real-estate-professional-rules/#699c23d84760) and it has led to a question or series of questions that I would like to pose to the community as I want this to be airtight.

First you need to outline your purchase criteria and what you have the ability to buy or fund.

Any private transactional funder of wholesale deals I know would never bother with such a thing but as I'm explaining my entities to more and more people it's sometimes just easier to share the business plan outline I've drawn up & P&L statements go with that.

One I noticed yesterday, a rusted out line about 6" long and water was flowing out.

While I would have a claim against the seller for default, I have never had to enforce an option and probably would not anyway.Hopefully, I will selling an option soon and I will give the buyer a reciept to do what I just outlined above.

After you owned it for a year, you might be able to refinance at 70% LTV and get some cash out. Lines

I especially appreciated the way Sam Leon outlined things. 

I outlined some of the highlights to hit in town and made sure to include cool stuff that the typical tourist would not normally run into.People LOVED that info I created! 

If you can outline your process a bit more you can probably find a better answer.PayPal let's you embed payment links right on your site and will handle all the payment processing for you while offering the purchaser the ability to pay via paypal, check, credit card, etc.https://www.paypal.com/webapps/mpp/paypal-payments-standardMore involved:https://www.paypal.com/webapps/mpp/paypal-payments-proFor forms you can use Wufoo and tie into your Paypal account fairly simplyhttp://www.wufoo.com/features/#feature7

Like many people in BP community, I'm a personal development and real estate investing nerd.I would love to know what everyone is thinking/planing/doing for their personal and real estate growth in 2016.Here's a great outline if you don't have a plan already.