I do Complete Rehab, water fire, mold damage restoration, mold inspections, (re-builds) drywall, painting, post construction cleaning, carpet installtion and tearouts, new flooring, property management, I have 11 certifications, 2 are Master Certifications.

She and I talk about investing everyday and she said "Listen next property I come across in 60k-80k range, I will finance it in my name, put both of our names on the house and we will paint, put laminate floors in and sell it in a few months and split the profits" ..She Obviously went more into detail but the only reason she is doing this is to help me get into it..

I am in this exact problem right now and the tenant truly believes she left it in "pristine" condition even though I spent 4 days cleaning, throwing out trash, painting, etc. after she moved out.If she hires a professional cleaner and hires a carpet cleaning service she needs to keep the receipts and document by photo as others have suggested.

After much reading and research, I choose this type of investment for several reasons, not the least of which being it is what I can best afford; vacancies shouldn't be a big problem since its a high rental area; its a low income area, so if I find a sound building, I won't need to spend a lot on improvements to attract tenants (since the tenants wouldn't be able to afford to pay for those rental extras anyway).I'm doing the deal with "no money down-ish" by tapping the equity in my personal residence (HELOC, rate is prime, no margin, 15 year term) for the down payment, and financing the rest at 90% with a conventional 30 yr, 7.75%.

After I gut and paint, but before I bring the new kitchen cabinets in?

Now if it is a sole propriership, you can choose how you want the IRS to view it.

My step dad owns apartment comlexes, a paint company, and did own a construction company.

I do work at Keller Williams, the nice thing about profit sharing at KW is that you don't have to participate if you choose not not.

It's been painted and the flooring--both carpet and tile--looks okay, both bathrooms would need some work.

It's been painted and the flooring--both carpet and tile--looks okay, both bathrooms would need some work.