Can I use it to offset my ordinary income?  

That means it is subject to ordinary income tax rates, plus self employment tax.

There is an on-site laundry area and completely enclosed sitting and patio area within the fully fenced lot.8% vacancy rate in this zipcode.Surrounding rentals are around $400 for a one bedroom unit.I would appreciate some feedback on this deal.

Should I form a LLC and start everything related thru it or should I aquire a few properties first keeping it "ordinary"?

You'll still have your ordinary maintenance calls for clogged toilets, lack of hot water, and maybe even some unusual ones like a crock pot that didn't properly heat and cook their casserole.Short-term makes more money but takes more time, period.

How to report ordinary maintenance or problems4.

Now you are converting passive income to ordinary income.LLC are pass through entities (unless you elected to be taxed as a C Corp).

about 220sq ft of living room floor maybe sub floor is ruined...the halway and about half of two bedrooms ...probably about 500sq ft total sub floor and floor will need to be replaced ....Is this out of the ordinary ...or have any of you had to deal with this type of problem.....any suggestions or ideas would be appreciated..thanks the tax value on this house is $91,000+ and they want 40k but are negotiable....so i think i could get it for around 32k -36k...mkt value i estimated to be around 92k -97k does this sound like a decent deal even with the busted pipe issue[/img]

I need to turn my ordinary income into passive income as quickly as possible or I keep giving the government a third of my income instead of creating a tax shelter. 5.

Unless you elect special tax treatment an LLC has no effect on taxes.Income from wholesaling, regardless of exactly how you do the deal, is ordinary income.