You could get into trouble if you dispose of the possessions without going through your local legal procedures.I hope you have learned from this experience because you made a huge error by not filing for eviction when they first stopped paying rent.

When you guys file your annual taxes this amount will be credited to what you owe, or refunded if it is more than you owe.

After securing each nearby lot for $35,000 apiece in the same neighborhood we can move and get the homes turnkey ready for less than $60,000 more a piece.

The problem is how to make a homeowner feel secure that I won't flake out on the mortgage payments in the future, thus damaging her credit.

There's a balance between legal protection and tax + LLC filing that needs to be struck.

There's a balance between legal protection and tax + LLC filing that needs to be struck.

My 5 year goal is to make enough in passive income to quit my job in order to spend more time with my two kids, travel more, and secure retirement. 

I’m trying to understand how to structure my first deal to pay for a rehab (1st attempt at BRRR) after I secure a property. 

However, with the financing structure of being a Canadian and tax filing requirements, I am looking for a Canadian location that has potential and cash flow. 

My accountant likes it as I can send him a copy of my file and get his direct input where needed.It also lets me track each asset individually and track WIP for each property so I can get accurate profit and loss statements as I go.