I have lots of properties in Tulsa suburbs and routinely get 1.0-1.2%. 

But speaking from rental property experience, and talking A LOT with my tax accountant over the years to better understand this...I think you may be confusing your Schedule A deductions with Schedule E deductions.What you describe is basically correct for your Schedule A deductions, such as the mortgage interest and property taxes on your primary home or a second home.But rental property Income/Expenses are recorded on Schedule E, and are subject to Passive Activity rules.

As appealing as making huge profits on flips seems, I've already got a day to day "hustle" in my detailing business, so the tight schedules and pressure associated with flipping is something I don't care to get into until down the road.

@Pannell Catherine - You'll report the income and all of your associated expenses (mileage, telephone, internet, office supplies) on a Schedule C.Good luck!

If it were me I'd do an inspection of the unit before offering a renewal.. it's the renewal inspection. that will let you know if the unit is being well taken care of so you'd consider giving a renewal schedule 2 weeks prior to renewal due date to be done.

if not go out and get you one and then make sure you stay on top of the little stuff- schedules and contractors- that's the stuff that will eat your lunchdon't waste your money on insider news- get yourself a project for you first- then try something bigger- a flip- see if this is something you want to do- its not all about the money you got to like it or you will never make it- like any other job either you love it and stay or you hate it and walkit will definitely show up I know people that thought they were going to get rich doing real estate and they live with their in-lawsmake a plan and ask yourself some serious questions before you jump inenjoy

Basically putting all the losses you show in a bucket, and then in future years when your Schedule E is in the green, you get to start taking the deductions at that point right back out of the bucket?

Paul Smythe An Attorney is not necessarily needed for Owner financing, your agent can set that up, with amortization schedule and title company can close the file.

I used to live right across the street from one of his Wineries in the Napa Valley.. and would schedule the last tasting of the day..

Refer to IRS schedule E.