Rentals come back with issues when tenants move out just like foreclosures.It's never a great situation to take a property back.

Hi everyone, A bit of a unique situation.

My first red flag was when you said partners - one partner is already bad enough, multiple are a recipie for desaster! 

It's designed to prevent taxpayers from deducting passive losses against non-passive income, which often leads to situations like you've described.Your concern about potential double taxation on the $2,000 net income is valid.

It's a difficult situation all the way around although sometimes the choices we make create our difficult situation.

DO NOT let the applicants walk the property by themselves, especially if your existing tenant still has their belongings at the property (this could create some messy situations). 

Appreciate any insights or guidance from the community on navigating this situation. 

I have a friend who have multiple rental properties and he's selling me this one to help me get started.

I have multiple sales closing next month, but have a situation where Im cash strapped and personally need $5k for less than $30 days.Does anyone do these type of loans not based on credit and fund fast?

A person successful enough to have purchased multiple homes is not going to be impressed by your degree.