Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood Luck Paul

I have not tried this one yet, but Google Arizona Real Estate Investors Association (AZREIA)

If you can get it for 390k, you'll have a 4k/month job lined up :)I think I used all your numbers and came up with these:Down Payment $157,500 Remainder of closing costs $7,500.00 Total Due at Signing $165,000 Mortgage Rate 5.00%Length of Mortgage in years 20 (commercial)Monthly Mortgage payment $3,118.29 Taxes $516.00 Sewer and Water $152.00 Trash $76.00 Heat/Utilities $125.00 (This is my big question mark)Legal $41.67 ($500/year for LLC filing fees)Cap Ex and Ops $450.00 (this is $400 + $50 for gardening)Insurance $333.33 Mgmt Fee $950.00 Vacancy $950.00 Total Expenses $6,712.29Total Revenue $9,500.00 Cashflow/month $2,787.71 Cashflow/year $33,452.51 Cash on Cash Return 20.27%

The schedule E is for expenses related to the annual operation of the specific property such as repairs/maintenance, etc...I am a licensed real estate agent and I file a Schedule C for that "business" with my associated 1099 from my broker.

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood Luck Paul

I have been a real estate agent in Mesa AZ for the past 13 months, specializing in rental properties.

I placed them on notice that I intend to file a complaint with the Real estate commision for this whole deal.  

You have no real liability and you will just be incurring more expenses with tax returns and filing fees and attorneys fees. 

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood Luck Paul

And remember, the busier the county, and the more understaffed they may be, the longer it takes for that recorded deed/assignment of mortgage (AOM) to show up in the recorder's files, IF that bank has even sent it out for recording.I have bought and sold notes before auctions, and sold REO after auctions that I personally handled/bought/sold, without ever recording any interest until the deal was consumated with a NEW buyer.Good luck in your investing!