You will learn and earn while you do it.

You would then use this account for your credit from the above transaction.Make sure it's not included with your other expenses because you want your Profit and Loss to look like this:Income  xxxExpenses xxxNet Income xxx  <-----  This number is still really important to keep track ofNon Taxable Transactions xxx <----- This number will need to be added back to the Retained Earnings number as a manual adjustment on the tax return, if this is a multi member LLC, S-Corp or C-Corp. for each year going forward. 

As you mentionned, you cannot depreciate land in Canada, I'm guessing you guys use depreciation expenses in your income statements therefore ''reducing'' net profits?

Your best bet would be to call small local banks near the property and see if they will look at a reduced doc. loan where they don't focus on your W2 or credit depth. 

And for those who have inconsistent incomes, stalling can sometimes help.But the liens on the property (as @Wayne Brooks pointed out) are not affected by a BK filing unless they are reduced to unsecured status... that doesn't just happen.

Second, if you do not include it now it is hard to add PM Services later (as you indicated) without significantly reducing your cash flow.  10% or $225 is common for PM. 

The more you learn, the more you earn; financially as well as spiritually.Successful people read every day: Reading is a common past time of many successful people.

If this occurs, and the tenant wants to get their account in good standing, they must pay the late fee as well as any and all legal fees associated with the late payment.In our experience, this has significantly reduced late rent, and it gives the tenant the feel of a very rigid structure that will be less interested in pushing in the future.When we have bent on this in the past, it seemed to have created a never ending problem of late rent payment and our management company always begging for rent.If they don't actually want to pay the rent, then starting that eviction ASAP will save you a ton of money and rent loss.

Keeps money stable, plus you reduce potential complaints if the network is down, or not working.

I'm looking for local Dallas/Fort Worth BRRRR opportunities as well as buying cheaper high yield turn-key deals in cash (50k-70k out of state houses yielding 12-15% in Indianapolis, Memphis, Pittsburgh, Detroit, etc)Here's what I'm considering: what if I apply my 50k of cash towards the principal of my home, immediately reducing the balance of my primary mortgage down to 112k.