Many of you are familiar with my nightmare documented in the "Occupants from hell" thread.

I have recipients which document all of this.Considering I have had 4 incidences in less than 12 months, it's safe to say that the previous owner had at least 12 similar incidences during the 3 years he owned it.Upon questioning the tenants who were living in the building at the time I bought it, I've been informed that there were multiple plumbing problems which were severe and ongoing including regular sewage back ups and raw sewage running from the building.

Tomorrow will be to look at the documents section of BP.

.$1,000 for attorney fees (I figure I need to have them look over all contracts and documents that I'm going to use).--$2,000 for marketing (I know it's lean but the idea is to invest money from my deals back into marketing).--$500 to pay some contractors to give me estimates on houses I want to put under contract.

My written tenant acceptance criteria clearly states "documented income", so unreported and under-reported stuff does not count. 

If you use someone that is willing to help but has no idea what is required, no experience in how to administer a 1031 Exchange and/or what documents and language must be used/included, you will have a very difficult time during an audit. 

I have bought many condos though so one thing I would say to do is check the document carefully to see what they say about rentals.  

Just make sure that you have an attorney draw up the contract and that it is recorded with the county immediately after closing so that your right to take full ownership is documented.

If you want to classify the origination fees as interest expense, you can, you just need to disclose that in your statement of accounting policy.If you'd like to read more, go to page "FAS91-7" of the document below and look at #20 part B.

I am no expert here but I believe there is something called a "due on sale" clause in your lenders documents.