NOT A LAWYERIMO it sounds like his employer is trying to get out of paying him and using the "$1500 in damages" to keep him from pressing the issue.

. Employ successful marketing strategies using web, print and social media outlets.Achievements:CEO/AgentPaula Stewart & Associates, Inc.February 2004 – December 2009 (5 years 11 months)Responsibilities: Manage and operate real estate offices, handling associated business details. Negotiate sales contracts to include: price, settlement details, and other closing terms. Research properties for sale, to include: location, description, and financing options. Maintain knowledge of real estate law, local economies, fair housing laws, and government programs.Achievements:Sales AgentPrudential Texas RealtyMarch 2005 – December 2006 (1 year 10 months)Responsibilities: Represented clients in rental, purchase, and sales transactions. Conducted thorough market research specific to client’s needs. Negotiated conditions of sale, and executed real estate contracts.Achievements:Sales AgentCentury21 Capital Realty Inc.July 2002 – December 2004 (2 years 6 months)Responsibilities: Display commercial, industrial, agricultural, and residential properties to clients and explain their features. Compare a property with similar properties that have recently sold to determine its competitive market price. Confer with escrow companies, lenders, home inspectors, and pest control operators to ensure that terms and conditions of purchase agreements are met before closing dates.

I am currently working as a Legal Assistant for an Employment and Labor Law Firm and Luis is retired.

I felt this was also the right choice because I've always wanted to be self employed and am only going to school for an education (you'd think is the only case to attend but it's far from so in my era).

I do buy and hold, which causes more stress to my employer seeing as how I no longer need overtime.

You can deal with some issues with the repairs, but if the property is in a crummy neighborhood with not a lot of employment, you could have a tough time renting it out, especially if the coal industry takes a turn for the worse there.

We stopped using them since it wasn't worth the hassle.Make sure that the contractor knows up front that you plan on giving them one so that if they are self-employed they can plan appropriately. 

@Ben LeybovichFYI, Jeep is one the employers and industries in Toledo but not the largest.

It is just pass through income taxed at your marginal tax rate plus your full share (15%) self employment tax and state income tax if applicable.

Jeff, The issue I am facing with is due to the amount of time it will take to roll the funds from my existing ex-employer's 401k plan to a new solo-401k plan which I was hoping to use to fund this property.To give you an example, let's say this property is contracted for 300K.Let's say I have one IRA account with TDAmeritrade say with 100K, Schwab with 100K and a 401K plan with JP Morgan with 500K.Previously I had inquired with TDAmeritrade, Schwab, and JP Morgan and they all told me all it takes to roll over to another IRA provider is 3-5 days.