Follow this six-step procedure to account for the property’s rental income and all the expenses.Step 1: Report 100% of rental income on Schedule E of Form 1040.Step 2: Deduct 100% of any direct rental expenses (such as rental agency fees and advertising) on Schedule E.Step 3: Allocate mortgage interest and property taxes between rental and personal use.

I am trying to make sound investments and now I am looking at upscale neighborhood in Seattle :)  I shouldn't be looking at this.https://www.zillow.com/homedetails/1851-Mcgilvra-Blvd-E-Seattle-WA-98112/48937134_zpid/I should be looking at thishttps://www.zillow.com/homedetails/3362-N-47th-St-Milwaukee-WI-53216/40439567_zpid/

HiWhile reviewing a deal to purchase a performing contract for deed in AZ, I have ordered an O&E report and learned there is a 5K lien that should have been wiped out when the property went through foreclosure (DUI charge on the previous borrower, under previous lender).The loan I am about to purchase is in 1st position, and the LTV is <40% so I don't see FC happening here. 

@Lynnette E.

Ask questions they must answer via anonymous e-mail to get a reply from you. 

May be so e hidden potential if current rates are considerably below what other comparable properties are charging...?

@Derrick E.- Man you are 100% on the money there. 

.- Pull an O&E report and track the chain - Do a tri merge soft pull and see what it yields- You mentioned county records shows the original lender from 15 years ago. 

An example of some listings that I think look good are...110 E Clarence St748 S 21st StRents for $9001126 Layton Blvd Unit A1819 W Burnham St2022 S 16th St2059 W Vilter Ln

I know a guy who did two wholesale deals, made almost no money on either, and wrote an e-book about how to become a successful "wholesaler".