When receiving cash, always provide a receipt and make sure it itemizes what the cash covers.Unless there is a legitimate reason to provide the tenant with a receipt, we don't.We've only had one tenant request regular receipts and it was to show her case manager, related to monetary support she was receiving.

If, after the property evaluations come back, the deal meets our criteria we would extend a loan offer, and at that time the regular types of loan costs come into play.

Do those numbers get transferred to a schedule E or am I actually paying regular old 1099 self employment tax?? 

The lingo in the US is different then in NZ, so sometime asking questions helps to clarify few points.We also don't have large, cash flowing multifamily building so yes, im getting myself educated on regular bases. and will probably continue my education forever. 

And we have a VA appraiser here that kills deals on the regular and in his mind he is helping veterans from overpaying.

Flexibility on purpose what you can use funds for.Other options are to save in regular mutual funds contributing on a monthly basis- taking advantage if dollar- cost averaging..You may want to talk to one of the financial planners.

This could mean that a high cash on cash ROI will be a bit harder to attain, but definitely not impossible.  

Duplex units in back currently rented for $600 each and 2/1 could easily rent for $800 so 1% rule is very attainable.

I am a commercial real estate attorney and deal with commercial leases regularly.

I have been reading books, BP blogs, and listening to BP podcasts regularly.