If she asks you for money for a down payment that would not seem right.She may ask you for some money if you need to remodel it, however you both should have a detailed plan listing what you are estimating you both will have to spend to get the house into the shape necessary to sell at a profit.Its a tough call as you only known her 3 months I assume.

Hello Hank,Let me extend my hand to you sir, and say thatwe're glad you've joined our forum.

Seems like some people spend way too much and never save or invest.

After much reading and research, I choose this type of investment for several reasons, not the least of which being it is what I can best afford; vacancies shouldn't be a big problem since its a high rental area; its a low income area, so if I find a sound building, I won't need to spend a lot on improvements to attract tenants (since the tenants wouldn't be able to afford to pay for those rental extras anyway).I'm doing the deal with "no money down-ish" by tapping the equity in my personal residence (HELOC, rate is prime, no margin, 15 year term) for the down payment, and financing the rest at 90% with a conventional 30 yr, 7.75%.

May save you alot of headaches in the head and you'll have more time to spend on other things

:DThe same thing here, I friend all like doing his spend money on his car.

i used to think that if i didn't buy lunch, i was "saving" money, but really what i was doing was SPENDING my time making it, packaging it, putting it in the refridgerator, etc.i used to think by ironing my own clothes that i was "saving" money, but what i was doing was SPENDING my TIME doing useless dribble when i could be doing other more important things.once your brain fully realizes how important TIME is (don't become a workaholic though!)

Hello Snooka,Let me welcome you to the forum and extend myelectronic hand to you in welcome.As far as S-Corp vs LLC, I vote for LLC.

From what I understand hml are for 6 months and can be extended for another 6 months but fees are applyed to the loan because of the extention.

Then my wife to my surprise and joy suggested that instead of taking the profits and spending them all on the short term that we try to invest them in some other properties closer to where we live.