That way, I can see if the rehab costs make sense and if there’s a good profit based on the sales comps.

Now it is paying me nearly $1,500/month and I did a HELOC on the property before moving out to access equity so now I have someone paying for my money to invest.

Hey Ralph, unless you refi and pay points chances are refinancing does not make sense. 

Let me know if that makes sense or not.

But knowing its value is key for taxes.IMPROVEMENT VALUE:This is the value of all the upgrades you make to your property – like a new roof or an updated kitchen.These improvements can be depreciated, which means tax savings for you.3115:Filing this form can allow you to claim missed depreciation from past years.Basically you are letting the IRS know that you are moving from the standard deduction to an accelerated deduction.RECAPTURE:It's payback time!

I want to make this work and am so motivated, but I also don’t want to continue to wonder if what I’m doing isn’t legal 100%.

In addition to joining the seller to the buyer at the hip for several years/decades when the seller wants a clean break, the properly-discounted, risk-weighted, money to be received by the seller is less than the immediate sale price.

A lead can come in at the most unexpected times, and how quickly you respond can make or break a deal.

Needed to put money into a deal and for tax purposes How did you find this deal and how did you negotiate it?

.- Inspectors: definitely make sure everything is to code.