BP has a tremendous amount of information to help you, but it is only available if you seek it out.

Hi @Adam WorthNote I'm not an expert negotiator but have been doing sales for a while now and since I'm still very young I'm noticing that the results you seek out of life comes down to how well you negotiate lol from buying a car, going on a date to everything (at least my experience lol) But this in one of the reasons I truly love Real Estate there's so much information out there for your disposal that you can justify the offer your going to make regardless the amount.Since he's your neighbor don't feel like you're going to insult him because you just never know what that person is going trough in closed doors a ridiculous offer just might make his day especially if he can't financially keep up with it or it's stressing the person out.Regardless just be prepared with facts baking up the offer your making, you can do this buy talking to a Realtor to get a CMA to see what has sold and get a ARV since his home is similar to yours, since you mentioned he overpaid this tells you that he might be underwater or have no equity this gives you an opportunity to ether lease option or some type of seller financing.

You'll pay taxes and an early distribution penalty if you do, and also taxes on any revenue generated by that investment property.  

Last week, taking suggestions via the Podcast, I formed a LLC last week here in Idaho and am seeking to roll title and deed into the LLC and out of my name, but it is my primary residence.

Hi BP Community,I'm seeking any other ideas on who to sell some land I have under contract. 

If I wanted a good solid investment with no full time work, I would diversify through a few things. 1- I would purchase an 80K house in a working class neighborhood, put 20K into it and then sell it owner finance with 10K down on a 30 year fixed at 8% with a pre-pay penalty for 3 years.

That is the significant reason why you will see a high degree of capital flowing into MHPs toward the top of the cycle; it is seeking a place to weather the coming storm and avoid loss of capital. 

BP has a tremendous amount of information to help you, but it is only available if you seek it out.

That was helpful but I believe I need to report the remodeling costs now not when I sell as advised by Matt.We have a continuing discussion about this and I believe the rules for 2014 changed as well, so you really need to seek proper advice.However, the discussion we've had goes along the lines of whether we made a repair or replaced something, as to whether we can take the deduction.

Anybody have experience with how the inspector may react, what the consequences are and possible penalty?