Find someone who can represent you before the IRS and has experience in this field.Here is a link to a page in which myself and J Scott discussed important questions to ask your current or potential accountant.http://www.biggerpockets.com/forums/51/topics/70447Publication 527:http://www.irs.gov/pub/irs-pdf/p527.pdfPublication 946:http://www.irs.gov/pub/irs-pdf/p946.pdf-Steven the Tax Guy

. :) I've been reading as much as I can and listening to a lot of Sean Terry's podcasts about wholesaling and I have some relations with people that I think I could get their property under contract and flip it to and investor, but I guess I'm more scared of the pitfalls of 1)Having something I could have to close on if I can't find a buyer(I know there should always be out clauses) 2)since I do have my realtor's license (but wouldn't be representing anyone) getting in lurch for what some people may say is a net sale or how wholesaling is "illegal" I guess is the real question I want to know is how do you go about getting over the fear of it and two how do you actually structure the contract.

And, most importantly, connecting with sellers is key to establishing a sustainable real estate company sheltered from the inevitable market downturns.Your ability to connect is directly representative of your ability to effectively market yourself and your business to these lead generating avenues.

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.