Likewise with #7 -- clearly, you don't have much experience with how taxes work or how investments are handled with respect to taxes.

Also, along these lines, a previous tax preparer recommended that I might treat each rental unit of the duplex as its own property, since each was placed into service at different times, and thereby (I assume) be represented as such on Schedule "E" in columns A and B respectively (ie, Property A= initially rented unit, and Property B=newly rented unit as of Aug 2011).

This article has a pretty good summary, although I can't vouch for the chart at the end (it appears to be wrong with respect to Florida): http://www.nolo.com/legal-encyclopedia/llc-asset-protection-charging-orders.htmlhttp://www.foley.com/files/publication/ea1efec4-6da7-430f-9a2a-cbde0a85b18f/presentation/publicationattachment/182846ac-53ac-4e62-9948-d2395ff83078/americanbankruptcyinstitutejournal.pdf

That being said, I also have hardworking, non-drinking straight laced people... but of course these aren't the tenants we are really talking about.My suggestions:-Treat them with respect.

I will charge my daughter and her friends a below market rental rate - it would still have positive cash flow of several hundred dollars/month after PITI.I will not treat the property as a rental for tax purposes - no writeoffs for anything outside of what an owner occupied home is entitled.Once my daughter and her friends move out (probably 2-3 years down the line), I will convert the property to a legitimate rental property.I think that this would be a good way for me to break into the headaches of being a landlord but am concerned that I may be pushing the ethical boundaries with respect to the mortgage, IRA funds, and tax treatment of the property.

There are a handful of people I respect on this forum who I would gladly pay a couple hundred dollars to spend two days over a weekend answering my questions and sharing their wisdom.

I didn't expect the lack of trust with respect to WB.

If I lease the unit I live in, it would be about $3,700 gross. 50% of each would be $1,150 and $1,850 respectively.

Interested to hear the typical deal you guys have closed in the past 60 days in your respective market.

In this day and age these types of loans with respect to conventional institutions are very scarce and hard to obtain.