Post Newspaper classified ads: We Buys houses 40.

The IRS would classify someone in that capacity as an employee.Just something to consider when you're creating the job description...

Consult with your tax or legal advisor and make absolutely sure that the LLC would be classified as a disregarded entity, otherwise it could disqualify your 1031 Exchange if you initially bought or immediately transferred the property into a LLC that was not a disregarded entity.

To specifically answer your question, I would classify the free and clear home as an asset IF we were talking about the balance sheet, but on the income and expense sheet, it would be a liability as it has costs associated with holding it.

Do you have any data that classifies this as one or the other?

I really wouldn't classify a broker/agent selling 2 duplexes as a commercial broker/agent.At least not to me they aren't.2,3,4 units is residential property for lending purposes.

The seller was aware that I wanted to add a second story.I know if the repair hadn't been done it would be classified as a "latent defect" but I am not sure of the situation if the crack has been repaired.Do they no longer need to disclose it?

Craigslist is free, there may be other online classifieds as well.

Therefore, a duplex, tri-plex, & quadraplex are all classified as residential properties and all receive residential loans.

He kept hawking something saying "with one tiny classified ad", yadda yadda.I remember laughing at first, but I looked at the info he had on how to place ads in papers.