You can allocate a percentage of your home to be treated as a rental and split the common expenses based on that allocation-except for when you make repairs directly to those rented rooms (paint, etc) as those can be 100% expensed.

Most people fear what they don't know or understand and I was no exception.

Most people fear what they don't know or understand and I was no exception.

Except a few times for the initial security deposit/move-in rent, I've never touched cash.

This exception shall not apply to the field erection of a manufactured building.

All of our homes are renovated at the front end (generally we buy wrecks and rehab them, but there are exceptions) and have a baseline of amenities - central h&a, dishwasher, no carpeting (hardwood, laminate or tile).

In addition to the statements he made there are a few things that can help you except what Mark mentioned.  

There is a property we are interested in purchasing.The house was recently torn down all except for two walls.  

My understanding this is the norm....the showing agent mentioned nothing negative was mentioned except they would like to see a fence.  

So, if I know the seller will not except less then $130,000 under no circumstances and the ARV is $220,000 and it needs $25,000 in repairs but my buyer has already told me that if I can get that property for $135,000 he will take it then I am not going to risk insulting the seller or ruining this deal by offering some super low amount just because that is what the "flipping formula" tells me to offer