Thanks for the advice @Jake E. and @Greg H..

Correct, but principle & interest can be shown as Other Expenses and reduces net profits.2) Be aware that purely passive income PnL does not carry back to the 1040: it is self contained on the Sch E form. 

I thought from what I had been listening to and reading I should be okay, but I get the feeling I'm missing a lot when the first listing I see appears to be a deal if I could get it for a few thousand below asking (based on some assumptions).Can you please tell me what I'm missing and/or should be looking for with the below "deal".12500 E 34th Ter S,Independence, MO 64055http://www.zillow.com/homes/for_sale/Independence-...List Price: $39,900ARV: $80,000Max Allowable Offer: $36,000 (70% ARV $56,000 minus repair cost $20,000)Total in the deal: $60,000 (MAO + repairs + transactional costs $4,000) Profit: $20,000Now that I do the numbers I can see that if it does actually require 20k repairs (mine above was a guess, tough to do a repair estimate from Australia) for a potential profit of 20K there's not that much in it.All thoughts and opinions are very welcome.

Originally posted by @Jake E.

Originally posted by @Jake E.

@Mick Mimnaugh Might have someone(s) for you; will confirm and follow-up via e-mail.

@Jake E. thanks!

Hi, how would I go about asking a agent to give me access to expired listing, or is that even something that they would e allow to do?

I've read e-books.

Instead of just asking for a mentor and not providing anything, I've decided I will offer to lend a hand (for free) on some projects and learn through osmosis vs a sit down coffee chat.My skills: I know little about real estate investing but I work in equity research so I am very aware of the fundamentals of valuation.