Water and sewer chargesElectricity for common areas like hallwaysAllowance for vacancy and credit lossIf I understand correctly, you would be carrying a very small (40k) mortgage, so with such minimal debt service you probably will still have a healthy positive cash flow --- but will it represent a sufficent return on 350k cash investment?

I would not even represent myself in an audit.

These tasks do not usually represent an appropriate return on the time we spend.

I asked if he wanted to represent me for this one, and he agreed.

Here are my net cash inflows: year 1 - 1604; year 2 - 1811; year 3 - 2027; year 4 - 2266; year 5 - 22,325 (these are just some numbers from a representative MLS listing).

That means you must at least file Form 1065 US Partnership Tax Return.All incomes and expenses will be reported on this form and that income will pass through to the both of your personal tax returns based upon your ownership percentage.The limit is different for one person versus married.Your biggest mistake is using a program to answer your questions.I represent taxpayers(individual and business) before the IRS.

There is some difference in deficiency though but that would be for the Sellers representative to try to negotiate out with the lien holders.

If the seller is not represented by anyone (broker or attorney)-and she signs the purchase agreement is it a binding contract?

If you believe that the attorney representing his client is the dumbest person to every get a law degree, more power to you.And Bryan, I see you still are lacking maturity and common sence opting for confrontational interaction while exposing your lack of integrity and knowledge of the real world.

I do not deal with sellers that are represented by agents.