I'll have to read up on the homestyle renovation package, thanks @Jerry Padilla!

for your first investment property I highly suggest getting your deal package together and pitch it to your local real estate clubs and raise funds through private money.

Would you be feel the same way if a thief stole a package from your front porch?

You will need all those elements to get your first deals off the ground and then you can get a feel for the compensation package.

Every market has different elements and variables, but I’d like to get more info on some of the standard procedures - advice?

When I say "all is equal" I am referring to the transaction elements below.

There is an element of building a relationship. 

I've been doing his tax returns for 9 years now; the tax elements in his accounts have been:1. medical expenses (especially the $9300/month for assisted living facility)2. rental income for renting out his house3. income from pension, social security4. everything elseIn the past, he had a revocable Living Trust, and all tax issues were handled using 1040 and his SSN.Does *everything* now go on the 1041, or do I have to do two separate tax returns??

First there is often a Groupon for online real estate classes with the total package being under $300Second, as you know Texas is a huge state and we have no idea where you are located.

I believe the key element here is how you communicate it to the tenants.