My dad is a self-employed owner of a plumbing company that has been around for 12 years, he is a 50% owner with his partner being the other, and they are an LLC that is registered as an S-Corp.I have been working with a lender for the past 2 months, and between a lot of back and forths, we were finally able to figure out how to work in enough deductions back into his income in order to get his income underneath the required 50% DTI in order to qualify.

I self manage all of these properties from the East Coast, so have a lot of good knowledge The others mayfind useful.

This is a great forum with very knowledgeable members that will help to guide you in the right direction, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

Purchase price: $59,000 Cash invested: $59,000 Paid cash with my self directed ROTH IRA.

Purchase price: $59,000 Cash invested: $59,000Purchased with self directed ROTH IRA.

If you want to self manage then investing locally will save you the 10-14% management cost which will significantly increase your return.You may consider other niches in your local market.

Along the way to pay for our health insurance (partner and self) which had crept up to $1400 a month pre-Obamacare I took on a W-2.

Allows you to do some rehab....but no self rehab, must be hired out by approved contractor.  

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesI really like the alerts feature that can quickly guide you to current topics that might interest you: http://www.biggerpockets.com/alerts

It’s taxed as ordinary income, plus ss/med self employment tax....not eligible for a 1031 or cap gains.