Your best bet is to pay down your credit card debt, it isn't sexy but paying it down gives you a guaranteed return of 15% or more depending on your rate, that sounds like a no brainier to me. 

If it is someone other than your wife - you will most likely need to file a partnership tax return using this new EIN.

And remember, since you are using leverage your return will be higher compared if you were using all cash purchase.

Well, it has been a crazy ride - but I run a Real Estate Holding Investment Company called GreyHill Capital Holdings and we buy residential multi-families throughout the upstate area.Our goal is to enter a town with potential, buy as many solid properties as we can and make it our main priority to always give our investors the highest returns possible.

You get cold air running through the return, the hot air in the attic (especially in Valdosta, I know it well) condenses and runs down into the insulation and sheetrock.

Depending on your return requirements, that may work for you.

5 6% is not a great return.

To me I count those things as probably more important than the actual deal itselfSo here are the numbers:Purchase price: 70KRenovation costs: 26K (I originally estimated 15K hahaha I wish)Closing costs: 2KAll in cost of 98K.Currently rented: 1200 per month.The bank appraisal with my local bank just came back at 134K and with a LTV of 75% I am eligible to refinance out 101K on the total deal.I am only refinancing 90K which will leave my all in costs at approx 8K on the deal.After PITI and reserves for maintenance, capex, vacancy, and management I will cash flow approx 200 a month with a 23% CoC return!

Depreciation schedules is the name of the actual form generated in the tax return that shows how much depreciation will be taken/ has been taken each year/ starting basis and date put in service. 

Thomas, I will be gone for the next two weeks, but upon my return I will definitely be taking you up on that offer.Thanks again everyone!