Are the draws I take for rehab on my properties considered other income on my P&L statement or are they not included at all?

How long and drawn out is the process to become a "landlord" and what would be my next step in drawing up a lease when the time is right?

Also are you having an attorney draw up the paperwork.

If a person was doing this enough to draw attention to themselves from another investor, HUD should already be well aware of the problem.

Her bank can draw a check and mail it to you each month.If there isn't a maintenance guy than you're all set, because you dont have to worry that she'll call anyone else other than you with any concerns.I'm a firm believer of "get it in writing".

Seek a lawyer to draw up the documents.

We were goign to try to get a lawyer to draw up some papers where the payments they made to me would include principle, interest, insurance, and real estate taxes.

I was rethinking the idea without the IRA but we'd still be talking possible mortgage fraud.Back to the drawing board.

It seems that we are getting closer and closer to either eliminating or drastically reducing government intervention in the market for financing for housing:Housing regulator wants Congress to shrink Fannie Mae, Freddie MacA gradual draw down seems like a logical solution to me.

As far as finding property with carpet and paint only it will be tough as home buyers compete for those properties too.The home buyers are happy to live in it and get small equity say 10k where you can't do that on your flip plus it's easy for them to get a loan to purchase a property with minimal work.With cash you need to look at properties needing a bunch of work.Try to find the most run down property in a great area.Buy it cheap for cash and fix it up to sell.If you don't want to take yourself away from your main business you already have you might look at wholesaling properties to start.Less risk just getting started and you can learn the ropes.You can use hard money for flips to preserve cash but the hard money takes high interest and points and only gives money for repairs in draw schedules so it drags out your rehab and resale which costs more money with your loan.You could focus instead of whole tailing.Fix the property us some and sell to an investor for cash with a small markup.Since they have cash there will be no loan red tape with a retail buyer.Less margins but more volume.Hope it helps.