I just bought a property out of bankruptcy about a month ago and had over $30K in legal feels dues to complication created by the seller who tried to transfer fraudulently.

And of course its a little more complicated and too detailed for a BP post.. but that's the gist of it.

I would not want to purchase something that might complicate things when I need to turn over paper work to accountants.

Thanks for the info, @Russell BrazilI listened to the BP podcast where they interviewed you and you mentioned that it is complicated to find cash flow deals in the DC area, that is way I am looking to go further away, but still within ~2 hours drive of where I think I will be living (Vienna/Fairfax/Anandale). 

Is a great strategy that could give you passive income for years to come but there is one brick wall that most investors have some complication and that's the refinance part.

Fourth, if you live in the property for a year, you have a decent shot at being left in the enviable position of having three fantastic options: - To continue living in the property and letting other people (your tenants) fund your living costs - To sell the property - To rent the property out entirely as a rentalThe downside is that you will have more complicated taxes (part of the interest and expenses will be attributed to a rental property, and part will be taken as a standard homeowner deduction), and that you probably won't be able to benefit from an LLC - it will be difficult to preserve the corporate veil as an owner occupier. 

They can be complicated and you absolutely MUST have a qualified intermediary in place before you execute any transactions - for a number of reasons.

I have'nt used a GC because outside of the electrical and plumbing most of the repairs are cosmetic and more importantly my fiance has the DIY spirit so if its not too complicated we will give it a shot.

Depending on the size of the project, it can get very complicated.

But lessons don't need to be complicated in order to be effective.