The original owner was out of state and losing sleep over it, and I found out later that he has been very happy since we closed and got the problem out of his life.I could go into great detail on newbie mistakes, but I will just list out key learnings from this adventure:I will be doing VERY little work on the next property!

One poster stated something to the effect "don't mistake brains for a bull market" which certainly makes sense.

I gave them the benefit of the doubt (mistake) and agreed.

"Utility & Mailman Access Requirements For San Diego & Orange County"Attention managers and owners. If you are currently designing or installing a new fence PLEASE, STOP what you are doing and read this post n...

Don't mistake this as a recommendation for buying any of his other products  ;)Happy reading!

One of my mistakes was not looking at actuals and the previous owner was including the sales tax collected in revenue.  

Made some mistakes, had some successes, God showed me his favor and I'm still going.  

This was one of the many mistakes that could have been avoided had I taken the RE course and getting better training prior to getting into this project.

You would be acting negligently if you report on schedule C and when you do eventually hire a CPA and they determine you need to amend your returns due to this mistake, you will pay for it anyway.I also recommend you hire a professional based on the questions you are asking.

I had been talking to an agent (first mistake I know) who alerted me when a portfolio that her PM company managed for years passed down to 5 heirs via probate.