My question is whether or not forms like a pet addendum, rental application, carbon monoxide/smoke detector acknowledgement etc. are state specific - I know the residential lease is subject to certain state regulations and will be asking an attorney about it.

This is certainly true of properties other than the subject property, however, it's worth talking to your lender.

Also be sure you understand UDFI (unrelated debt financed income tax) and the taxation structure your IRA will be subject to due to utilizing leverage on a tax advantaged account.

Search here on:- subject to existing financing- wholesaling lease optionSome investors find doing the above deal types so desirable this all they do.Creative deal structuring will get out of the mind set that real estate is about controlling a deal with a cash offer.  

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We bought a property subject to existing mortgage.

What we do in this case is make the closing subject to completion of rehab, inspection and a tenant being in place.

We have been reading what we can on the subject and realize that our networking for our knowledge is the best way to get the most out of our time.We have been reading and talking and reading some more.

(Too bad 1031s arent an option)Also if the land was purchased at $20k per slice/lot and i valued them as $50k once sold, would the sell of land be taxed as a straigh capital gain and not be subject to these other taxes?

They must be as close as possible to the subject property (quarter mile or less) and be as close as possible to condition, square footage, number of bedrooms and baths.