UPDATE: Just finished with my accountant regarding 2005 taxes.

The problems that I dealt with during my first year as a landlord:Water pipe burst / total rehab of 1 unitPay-as-you-go general contractor that didn't finish the work on the unitMold / complaint filed with Health DepartmentCrack in foundation that let water come into 1 unit every time it rainedGot locked in to a below-market-rent section 8 rentalMarketing for vacant unitsTenant disputesSection 8 dispute (although in this case it earned me $1900 :mrgreen: )Fortunately I haven't had to deal with evictions yet, but I know they'll come in due time.

Would paying it this late help anything?

Buyers can get ugly too, especially when they forfeit their option due to to late payments which will make the evildoer attempt to waste your time in court.

I like to have them balloon in 5-7 years because I'm in my late 50s.That's how I do it.

This is a bit late to help you, but others can and should heed this piece of advice; NEVER LET ANYONE GET AHEAD OF YOU, on money.

Based upon this data we are looking at a projection of over 50 Major Disasters to hit the US by the end of 2006In addition, we are still recovering from fires in California, Colorado, New New Mexico, Oklahoma and Texas.Yet, we are still going to have to deal with past Hurricane damage.And we still face dry conditions in various parts of the United States that produce fires and we have yet to step into the Atlantic hurricane season that lasts from June to November, with the peak season from mid-August to late October.On top of all this over 350 tornadoes have been recorded as of April and this could be one of the most active and deadly seasons in historyFor more data see: http://www.spc.noaa.gov and To compare from 2005 to 2006 see: http://www.spc.noaa.gov/climo/online/monthly/index.htmlAs an investor we are tough to research property titles, market value and market trends but one major area that is left out is storm trends.Why storm trends.

Purchased a foreclosed fixer-upper for around 47k and if we keep our pencils sharp, we should have a finished home for about 60k.

"Graduating seniors who just finished their degrees on average carry debts of $19,000 or more.

The good side of that is that it was in the Orlando area and the neighborhood had not been discovered and it took me 8 months to finish the rehab.