The income is documented on Schedule E.

The short answer is: obtain form 1099-MISC, fill it out, and mail “copy A” of that form to the IRS and to the recipient by January 31st.

And you'll want to make sure your accountant places the investment portion on your Schedule E to replace the condo.    

It works the other way as well:  Non-Relator Broker = Non-Realtor agents).You also have to pay for E & O insurance and take a certain number of continuing education credits every license period, some of which can be FREE as a Realtor, but most of which costs money.Beyond the above, I suspect you can cover your expenses on just one, full commission transaction each year, depending on the above. 

Since obtaining my license to trade in R/E I have had a successful career as a top agent in my locàl, as well as a successful track record in rental and flip properties.

Just got your e-book and spreadsheet from your website! 

@Claudia RottenbergerChances are the property is worth nowhere near $270k, it probably has some deficiency that makes comparison with seemingly comparable properties invalid.It would be e trembly rare for a $270k real market value property, even needing $15k rehab, to sell for $189k.

I can pin point my audience with direct mail.

3) Also, I don't have an LLC, I don't want to keep my house address for privacy reasons, I am thinking of renting a mail box, any luck with that?

Looking to hire a door knocker to work a lis pendins mailing list as a follow up to a mailer I recently sent.