People see these advertising items, and think there is a quick solution to their problem.

This is my 1st time with 1040 and rental.a) Is it possible to list the closing costs under any expense item - eg. commission.

In what you have described the only issue I can see the underwriter asking about is the derogatory items from 2010.Relax and breath.

If you're knocking it down and building up on the existing foundation, you may be grandfathered in on some items.

Welcome Sam, I like the sound of your business model.  

Do you think you can ask for the seller to repair those items as part of the negotiation process?

I've used Quickbooks and Peachtree in the past.....Xero is a much easier product to use and actually allows you to calculate depreciation each month (which last I checked Quickbooks does not do).I set up each rental as a separate "project" so when preparing tax returns on the Single Member LLC, I can easily split out the Schedule E items.

Personally, yes, I think wholesaling is a very difficult model in coastal california.

Then theirs the security deposit itemization and settlement letters for the past person.  

What some of the data is saying is that because Houston is so diversified now from learning their lesson from the last oil bust that even though the jobs are not as high paying is not imploding the city as it did last time which is more of a sustainable business model.