He is willing to do a mentorship of sorts as this was his final house to sell in his portfolio and my first.

I have finally realized that I don't want another job!

She can also do the final financing.

I've spent the last few years getting my finances and credit in excellent condition so I can finally get into real estate.

I have seen some instances though where if you belong to a credit union or the area is more suburban to rural the big lenders won't lend there.In those cases the local banks who understand the small market and will take the risk are the best choice.

This is because when you sell you will have to decrease the basis by the depreciation you have taken or were allowed to take.Some individuals will not take depreciation but then when they sell the property they make an adjustment to account for the depreciation in the final year.

make sure your screen your tenant of choice, every expectation include it in your lease and do some research in your area.

While I have been lurking on BP for quite sometime.. lol I finally decided its times to start getting active on the forum.

For me the choice of getting an LLC was for 2 reasons...1) you do not have to fill out a Form 593-E, Real Estate Withholding – Computation of Estimated Gain or Lossat closing time.

At some point they are always released even if its not until the final collection statute expiration date has gone by.