You're into a property with $0 that's producing cash flow.

I'm afraid that hopeing to do a $2 million purchase with no money and little experience will not produce a happy ending.

This signals to me there are a lot of people with inherited wealth that are horrible at managing it to produce income.

You can delay sending that in until you actually get an accepted contract, but if they accept your offer, you will be expected to produce the EM very quickly.

I know, I've learned a valuable lesson.We were trying to refinance the property and for whatever reason the appraiser called the county and the county sent out a building inspector.I'm completely new to the permit process and building codes, but I suspect that the addition was not built to code.I'm trying to understand my options, but none of them sound particularly great.I need to find a contractor to get an estimate to either demolish the structure and reduce my income producing property (5/3) down to a 3/1 which will generate rental income slightly less than the mortgage, taxes and insurance.

This will include the seller producing more due diligence materials and time.

Travel expenses related to the management of income-producing property are certainly deductible.

I have invested in others' houses and farms, helped other people get their loans and invested in income producing properties.Buying from homeowners with and without Realtors, Auctions, Bank REOs and Tax Deed Sales!

We tried to do these and out title company said that if we already transfer title to the trust there is no more closing and they can't produce a HUD to the bank.

The inspector's job is to produce a report to the buyer, and to inform the buyer regarding the inspector's findings on the property, from which the buyer can then base a decision on how to proceed on the planned purchase.I try to accompany any buyer's inspector, because I already know my property has passed the Certificate of Occupancy inspections - and I let the inspector know that it has already passed, so that there is IMO nothing left to do!