The biggest pro to this deal is that the seller will owner finance for 5 years, a major perk for me as i only have so much capital and elders are hard to come by with deals in this price range.Any advise or insight would be appreciated.View report*This link comes directly from our calculators, based on information input by the member who posted.

James Hammett An individual can buy them but I would advise against it as if the borrower were ever to sue you then you would be at risk not an LLC.

By getting your license you will be able to help 100% of the leads you generate.2)    You can represent buyers.

I'd advise you to be aware it's probably present (especially in the icebelt of Chicago) and that you'll likely need to hire a pro to advise on what to do.

Any advise?

If your interested in paying it forward and letting me buy you lunch and pick your brain on wholesale real estate, and are in the Dallas Fort Worth area, please contact me.Thank you to anyone and every one who can offer any advise or insight to getting this newbie started.

A nice house can easily generate 5-7k @Brent Coombs

And you will generate tax free income from the note (except for the interest portion).

In fact, I advise the owner to stay away so they don't get involved and cause problems.

I have seen on this website answers both ways regarding this (the site administrator saying leave it in Sch A, and his colleague (also a enrolled agent) advising that it can be written off in Sch E, but that there are certain restrictions mainly -- you must have passive activity gains where the deductions are covered (no passive activity loss carry over allowed.