@Joe Doman When a principal residence is converted to rental property, its basis for depreciation purposes is the lesser of: 1. 

Those are merely for planning purposes when shopping for a property.

., a disregarded entity) for tax purposes. 

Never even heard of that show until now, is it worth watching or is it just for entertainment purposes?

My name is Louis Bergman and I'm based in the Sunshine State.Feel free to check my profile for more details.Together with my son and his wife we run Hawthorn Enterprises LLC, which does Commercial Money Brokerage with as specialty Multifamily Projects.For practical purposes we do not deal with individuals, as we prefer to work with non-recourse Loan programs.We also buy for our own portfolio, or partner up with other Investors/Developers who want us to commit our financial expertise to their projects for a longer term.We originally started out as "ugly house investors", and fairly soon evolved into the much more rewarding Multifamily playing field.I'm very impressed with the positive way in which biggerpockets has developed itself, and it will be a pleasure to contribute to the membership whenever I can.Thank you for having this great Forum, and I look forward to being an active member.

But for wholesaling purposes I should use her to go ahead and draw up the contract making sure she put a inspection time in it.

Sure, David.If you believe the late great Milton Friedman then one is to assume that the sole purpose for going into business (any business) is to achieve and maximize profits.

You can use them to find a job or for other purposes.

Maybe you can revise it for your purposes.

So a contact (birddog for all intense purposes) calls me with a deal.