While a closing agent is not required to tell you everything they know, they do need to answer questions that concern you, so just ask...In this case however, the seller was your mentor, so you had knowledge of how the guy operated, at least the types of transactions he used and seems to me that in itself should have been fair warning in dealing with him in the first place.

Just because an inexperienced group buys property, it doesnt mean they are going to not know how to operate/maintain expenses.

With the disclaimer that everyone should talk to their CPA before proceeding to discuss their individual needs and personal tax situation, I think it's best to operate out of an entity.

I am currently logging them on excel, but I am not familiar with the commands and formulas to operate excel efficiently, or if it can even do what I need it to do.

When my husband heard he borrowed a sledgehammer and a friend and had them gone and loaded into our pickup in 15 min.

These farmers were assisted by private money lenders operating out of the local villages.

Many of them operate on a sliding scale, based on your income, and you can find them by doing a search, or in the yellow pages.

It is very nice to have a homebase to operate from.

., and a cap rate of 10%, I come out with a fully loaded ARV of $396K which seems absurd considering the neighborhood and the other apartments in the area.

If I were doing it, I would see if the wall between the kitchen and living area is load bearing, and if it is not....then I would knock out the top half of that wall to open it up and create a breakfast bar there.