@William Dubinsky  Unless you got the repairs in writing, you are out of luck; even then you should have had money held back at closing until you inspected that the repairs had been done properly.It is hard to see now, but once you get the place fixed up, you can probably get better tenants and more rent AND will have increased the resale price when you go to sell.

Our building is not held in any corporate or LLC structure, so we just file a schedule E with our return.I was wondering if there was a way to take some of the income from the building and pay ourselves a nominal amount that we could report on our schedule C's using a 1099-misc?

They are flush with cash - like almost 10% of current share price is held in cash.

The other way is to acquire properties that also need significant repair, but are going to be rehabbed and held (as rentals). 

Sam would have been just fine, and if he held on to the property until now, he would be much better than just fine.As for the buying at every duty location; that is almost as bad as never buying while you get BAH.

I invested in precious metals and made 8% in 6 1/2 months.

For Michigan:  Discharge; Mortgage, Land Contract, or Tax LienMCL 600.3175(1)  15 YEARSWhen a recorded mortgage on real property, land contract, or tax lien (except tax liens held by the state or any political subdivision of the state) on lands or property has been paid or satisfied or when 15 YEARS have elapsed since the debt or lien secured by the mortgage, land contract, or tax lien became due and payable or since the last payment made on it, and no civil action or proceedings have been commenced to collect the same and in case of tax deeds when no service of notice to interested persons (of any kind) has been filed with the county clerk, the owner of the land or property may institute an action in the circuit court to discharge the mortgage, the land contract, or tax lien.

I felt uncomfortable about the way she responded but am glad I stuck to my guns because had I not I would have spent likely $15k more that I did...now after the market crashed I was up a creek on paper with places in the area selling for $90k but I held firm to the concept of buy and hold and now it's a great little asset.

Instead of real estate prices climbing upwards due to the easing (like they did last time), we will be seeing food and energy prices increasing this go around, not real estate and stocks.Don’t get me wrong, I love listening to Peter, I’m buying metals right now along with real estate because I think they will increase dramatically again like they did in the last disaster.

The former owner held title by himself, no one else was on the title.