Simple question: Can I pay my wife to clean a rental property instead of hiring a cleaning company and claim it as a tax deduction, or is that unethical/illegal?

Having same issue looking for attorneys that do assignments. this is so frustrating because i have learned to generate leads ez enough but even if i get property under contract i still have half a deal because i cant seem to locate key people to consumate deals so i can complete transactions.

After approx. 4.5 months, the property was completely renovated, and re-rented it to new tenants at the increased rates.

After this deal is complete, I would have a property that the cap ex would be low for many years to come and I may be able to 1031 or something along those lines into something larger. 

Your 40k can mean a completely paid off house in one neighborhood that might potentially cash flow 2% per month.

Deal analyses below:Property #1 Purchase Price:$82,000Projected ARV:$105,000Post-Rehab Appraisal:$111,000Estimated Rehab: $11,000Actual Rehab:$14,518Financing:1st close: HML for 90 days at 9.99% and 2 points; 2nd close: 30-yr fixed at 4.375% and 0 pointsClosing Costs:$6,982 (2 closings)Rent:$1,200Cash Flow: $327 (after maintenance, vacancies, etc.)Cash on Cash Return:11%Timetable:Rehab Complete – Day 15 (started Day 1), Tenant Occupied – Day 60, Refi Complete – Day 83Property #2 Purchase Price:$120,000Projected ARV:$160,000Post-Rehab Appraisal:$162,000Estimated Rehab: $18,000Actual Rehab:$18,034 (amazing I got so close on this one)Financing:1st close: HML for 90 days at 13.99% and 3 points; 2nd close: 30-yr fixed at 4.5% and 0 pointsClosing Costs:$11,977 (2 closings)Rent:$1,420Cash Flow: $258 (after maintenance, vacancies, etc.)Cash on Cash Return:7% (not great, but at least I have some equity)Timetable:Rehab Complete – Day 25 (started Day 10), Tenant Occupied – Day 44, Refi Complete – Day 50Key Lessons Learned:Be super diligent on the refi process. 

3 x 2 BR Apartments @ $700-$750/mo.1 x 1 BR Apartments @ $550/mo.4 x Studio Apartments @ $400-450/mo.Commercial is 1450 sq. ft. and should rent at $11-12/ft.All units have completely separate utilities, except water.  

Hi Michael Mims,I noticed you said the market is hot right now, we completed our first flip and sold closed on it back the summer. 

I would like to know what is the best way to organize my files/system to keep track of my rentals.Will I want to open one bank account for my complete portfolio or separate accounts for each unit/building?

If you negotiate a good enough deal that pays you then complete the transaction with the investor to buy the house you have under contract.