.- In effect, Mike's net Tax obligation would be zero (until the property was sold), and Joe would get an income of $200 per month.

Say, $2000 cash to be out in two days and leave the place "broom clean".

But he said the only things really selling now are good clean homes in the 100-120 range.

And the next lease will be at a higher rent, after some major clean up and some renovations are done.

It sounds like you are a nice clean tenant, but many tenants are not.

It is possible to manage from out of state, but to do this effectively you need local assistance.

The new North Carolina law, which goes into effect January 1st, essentially ends stated-income loan applications for state-regulated loans, applications where borrowers estimate their income and lenders usually don't check.

I am extremely clean, don't break ANYTHING.

Hello fellow rehabbers, If you have been rehabbing for a while, I am sure you have ran into a situation like this one...You buy a house and the seller says he will “clean things up” and then a few days before closing he says that there are “some things he couldn’t quite get to”… and that they “may need to leave some items behind”...Our record to date is 12,000 pounds of “Stuff” (being polite) being left behind… Check out this You Tube video… They left a “little” stuff that they “couldn’t quite get to”… http://buildingmyrealestateempire.com/2007/09/20/rehab-project-seller-left-these-items-behind/Have you ever broken my record of 12,000 pounds of “stuff”?

Effectively, you have that money invested in this property.