Additional info - this project was spurred on by a terrible roof and even more terrible structural support under said roof so that stuff needed to be done anyway.

We've lined up a majority of work in our scope and scheduled out most of it: Plumbing for a bathroom and kitchen - $3,800Crawlspace repairs to fix some prior shady work & even out some unlevel areas - $3,650Tile 2 kitchens & 2 bathrooms - $1,800Drywall repairs - $400Add railings and supports to half-finished back deck - $2,800Install 2 interior doors - $300Fix a rotted Yankee gutter and repair some cracked fiberglass cement siding - $1,8002 full appliance suites (Kitchen/Laundry) - $6,000Fix one broken window - $250Relocate three HVAC vents - $900Still, a bit to be quoted/scheduled, but so far we are below our projected rehab budget of $41,250.

We had a vision for the property and we were able to earn the trust and support of the owners to see it through.

They sent me the IRS documentation, I’m just not concerned about an audit as I have supporting documentation

Over the last 30 years I’ve bought over 600 properties at foreclosure auctions, and a healthy percentage of those properties were owned by an investor who at one time thought they were making a smart real estate investment.  

Due to Jess's declining health, I quit my full-time job in IT over one year ago and only recently started working part-time again.

It shouldn't be a big deal, you just write a letter of explanation and submit supporting docs.

I appreciate the support and the advice!

Inexperienced investors tend to (1) get exited about deals without having the experience, knowledge or ability to properly determine if indeed the deal is good, bad or mediocre, (2) take what the seller says as gospel not realizing most sellers will exaggerate, lie and or withhold vital information to get what they want, (3) engage people who will provide opinions for free rather than pay a competent professional, (4) get emotionally caught up in the deal and very defensive when receiving an opinion or information that doesn’t support their dream, and rationalize that more experienced people who point out flaws are “jealous, negative or haters”.Btw, no one can provide any knowledgeable answers to your questions without first analyzing the deal, your ability to come up with a down payment, your credit capacity and banking relations, if you have a track record, your experience with similar property ownership, etc.

From an actuarial standpoint, I would be completely shocked if there was any data to support a greater risk of claims based on the length of a tenant's lease.