I did not mention in my opening e-mail about the financing.

for a conforming loan they will apply 75% of the income from the property toward the payment, after 2 years of having the property on your schedule E, they will go by the actual cash flow from the property.I do a hard money loan, then after a tenant has moved in, refinance to a confirming loan, using 75% of the lease amount toward the PITI of that property,,,,I'm sure there is a way, with that much cash, that you can do it without the expense of a hard money loan,,talk to a mortgage broker that deals primarily with investors and they will find a way to make it work,,,andy

Can I just have him do a quitclaim to me and claim the whole thing on my Schedule E?

We have a part-time bookkeeper who e-mails us the updated quickbook files of each property at the end of the week for us to review and to pull reports.

I'm looking at John T Reed's books and they seem to be up that alley but he doesn't have his books in e-format (I like my kindle).Thanks

E. world, John.  

@nick e.

I stand corrected, it is Facebook co-founder Eduardo Saverin who had renounced his citizenship prior to the Facebook IPO, not E.

Here are some references for ambitious learners.Uncle @Bill G above likes to lecture.http://www.kapre.com/real-estate-coursesget the broker course books. aint easy.Bookshttp://www.amazon.com/Blacks-Dictionary-Standard-N...http://www.amazon.com/Examples-Explanations-Real-E...http://www.amazon.com/Dictionary-Estate-Terms-Barr...http://www.amazon.com/IRA-Wealth-Revolutionary-Str...http://www.amazon.com/Finance-Real-Estate-Place-Ti...http://www.amazon.com/Retiring-Right-Third-Success...http://www.amazon.com/NLP-Essential-Guide-Neuro-Li...http://www.amazon.com/gp/reader/0793136601/ref=sr_...http://www.amazon.com/about-Escrow-Real-Estate-Clo...I have been at this 32 years and I am still learning.Bill G I think is 80 something.

Then, any unamortized loan fees from a prior refinance can be realized in full for a higher interest expense on Schedule E.  3.