Say the landlord sells the house to his tenant, and tenant pays the next 12 months of mortgage on time as he had done with rent, what is the typical discount on a solid performing note? 

Need help with adjusted cost basis of this home when converted to rental in 2017 for filing 2017 taxes.With original purchase and subsequent refinances(4 total) there are typical closing costs, such as points, title, recording and other lender fees.I've being doing taxes myself for my personal and other rental properties I own.Here are my questions:1) in addition to title, recording, what other escrow, title or loan related expenses from the original purchase in 2004 can be added to the cost basis adjustment?

And the tenant should be listing the landlord as Additional Interest/Insured, and typically, you are then notified if the policy is dropped.

One question I have is does a seller financed sale typically require any kind of a down payment? 

There is no big concern with either. pumps will last for many years and will typically result in lower utility bills which is a plus for tenants.

If you're borrowing rehab dollars, then the hard money lender will typically hold those in their own account and distribute them to you as draws after work is done.

If it’s a mom and pop you (typically) get either a Quickbooks export, an Excel sheet, or an email listing everything.

Other things to factor in:-rehab costs-PMI-closing costs-for vacancies, repairs, cap-ex: I typically do 5%/each, 15% total (some may argue to be more conservative on your analysis)As far as the cap rate, my understanding is the cap rate is more so for properties with >4 units.

The further you go inland the cheaper the properties get typically.

There are some good opportunities to flip properties in Illinois, which is typically a better proposition than renting.