After they pay rent and taxes they have about $1,500 or $388 a week for everything else.

You may not include income earned that is not on a tax return, an administrator or PHA may consider additional income in that household, a teenager may mow lawns or receive child support that may influence funds available to that household. 

Since this is my first property purchase ever, I wonder how escrow accounts, etc for property taxes would work.  

LLC has more tax treatment options (taxed as a sub S) and better protection than a land trust, if managed correctly.

Being able to 1031 it into something larger would pay great dividends down the road, not to mention starting a fresh a depreciation cycle on your tax cycle. 

If I continue to pay the mortgage in the the seller's name (with out refinancing) would they claim the mortgage interest tax deduction or do I get to claim that since I am paying the mortgage and hold the deed to the property. 

I know most of us have heard horror stories and/or have personal experience about criminals and unsavory characters taking over vacant properties then claiming squatters rights to avert the authorities.

There are only 2 blocks on West Pomona Street and the two blocks total 90 tax parcels.

Hello everyone,I am currently seeking advice on the best way to conduct/ pursue a small claim/collection on a property that I invested in  but never received the R.O.I. 

What is the tax treatment with respect to reporting, depreciaiton, etc.