One, is that a deed is effective when it is signed not recorded.

One thing I was going to add was to also consider what effect the conversion would have on the value of the property, on top of the additional cash flow.Hope to see you post another analysis soon, keep looking!

There could be liability issues if something goes wrong (I'm no lawyer though!)

TODAY, much of that is ILLEGAL, new laws are in effect.

I cant reach the contractor i did the rehab with...The scope of work consists of various electrical works such as correct GCFI for refrigerator, some leaks to be repaired in dishwasher drain and bath sinks. install a proper flex gas line for water heater. relocate ground wire in breaker box and some minor stucco damage repairs.I was wondering if anyone here knew what was the most cost effective way of going about this request for repairs while the property is under the corporation's nameI want to be a straight shooter and do things the right way.Thanks!

So I would propose paying $1 and taking ownerhip, but talking with tax lien lawyer to work a reduction first.

Do I need a lawyer to prepare the closing documents?

My name is Nicolas, I have make real estate investing part of my life about 1 year and half ago by reading, attending seminars, meetings and learning and since January actually started TAKING ACTION with my marketing, business plan, leads, etc etc FYI - I am suppose to close my first wholesale deal next week but it has been a tough one with an eviction - lawyers and a lot of negotiating so I can't celebrate yet!

I'm not a lawyer and don't know the potential truth behind the statement but it is something to think about.Just something to look into as part of your DD (no legal advice)

Effectively, Uncle Sam has loaned you $1250.OTOH, if your AGI is over $150K, you won't be able to deduct that passive loss against your income.