I did not get even a fraction of the repairs and issues associated with this property.  

Everyone tells you no to every question you don't ask.I know they are out there because I have an associate who does so.

As a chapter member of the National Real Estate Investor Association we also offer access to travel, insurance, landlord resources, software services for investors.  

You can do all the work yourself and the cost of materials will be either deductible or capitalized, however, you'll have to pro rate it against the rental portion of the home.Since your fiancé is not legally married to you, the rent she pays is considered rental income and you are then allowed to deduct a potion of your costs associated with the rental portion of the home.

As appealing as making huge profits on flips seems, I've already got a day to day "hustle" in my detailing business, so the tight schedules and pressure associated with flipping is something I don't care to get into until down the road.

@Pannell Catherine - You'll report the income and all of your associated expenses (mileage, telephone, internet, office supplies) on a Schedule C.Good luck!

just fyi:A TD is the Mortgage on a specific property, Secured by a Note and is filed in the County.The NOTE is a commercial paper that has a specific rate and period associated with it, can be created, bought and sold independently of the TD;  Universal Commercial Code.

I have friends and business associates who invest in real estate, and as I'm sure you can imagine, everyone would like me to invest capital and let them do the dirty in return for a small percentage of the profits.

You also always want to include a home inspection contingency so that you minimize risk associated with unknowns that could come up and back out of the deal if anything huge comes back in the report.

A really old school way that I've never done but my grandpa used to employ is after signing the 1 year lease, have the tenant write out 12 checks for rents for the year, each one dated the first of every month so that they could not be cashed in ahead of time, and in the lease state that tenant is responsible for banking fees associated with bounced checks ... like I said, old school.