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Will I still be permitted to file an affidavit of memorandum EVEN THOUGH my closing date has now come and gone and I am technically in breach of contract?

No, those expenses would be deducted in the years they occurred unless you've made an odd election to capitalize them.  

I’ve made some valuable connections here and picked up a lot of helpful advice from the forums.I’m an investor and real estate agent in the Grandstrand area, so we might even have opportunities to help each other out in the future.

@Tanya Maslach,When you take a distribution from an IRA, you are subject to ordinary income tax, plus penalties, if you do it before reaching retirement age. 

Question is will I need to hire an attorney to handle any and all paperwork for this?

Every adult residing in your rentals should be screened and approved by you.Criminal history is not an automatic denial, but you should definitely consider risk.

I am an attorney.

Make sure you and your brother are on the same page, and it might be helpful to have an open conversation with your wife about the potential risks and benefits.

I am educating myself as much as possible but I tend to be an analysis paralysis type of person so I want to make sure I dive in to the action as well.