Review the IRS form Schedule-E to declare income and expenses

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I'm totally dating myself with the E.

All of that will have to be recorded and executed properly so there is no commingling of funds, which is one of the surest ways to pierce an LLC.

@Joe SplitrockOn my recommendation we would request a personal guarantee so the tenant felt their feet where to the fire so to speak, but never was there an intention to execute on enforcing the guarantee.

Flipping PropertiesIf the primary objective of your real estate business, or one of your real estate businesses, is to buy, potentially fix up an existing property and resell it within one year, the Internal Revenue Service can consider that to be an active trade or business.

My county population is only 19,000.So, i have been finding other ways to build my buyer list for my county and working with my friend, he does his own rehabbing in Hardin county, ky - E-town.

Does anyone foresee any issues if I stay in my current place until the end of May and move into the new place after that.I plan to take out a 203K loan and fix the place up so it's unlikely i will be done by  June anyway.My agent seems to think that the owner occupier requirement also implies that you need the place; i,e don't already own a house but i can't find any such stipulation anywhere on the FM website.Any thoughts?  

BTW, I hear you about being a contrarian and feel the same way, but I respectfully disagree that deflation is a "crowded trade" so to speak at the moment.

Is my understanding correct that each of our share of income and expenses should be reported on our own Schedule E forms?