Your initial balance sheet should look something like thisAssetNote receivable - $10,000EquityDavid Hite - $10,000When you get the payments from the debtor - you will record a portion of the payment as payback of principal and a portion as interestCash - $100     Interest income - $10     Note Receivable - $90There can be an additional layer of complexity if you factor in the account "discount on note receivable" but the above is a good starting point.

Ours involve creation of notes, and then forgiving them over several years, to take advantage of the annual limits on gifting.As to the mortgage, you cannot just take his name off the mortgage.

I own the house I live in now that is worth about 500k and work full time at around 70k annually. 

April 1st I didn't receive a rent check because it was deducted from the purchase price of the home now which I do understand that, however it is now May 18th and I have yet to receive any rent payment and the report for the month.

You present them your receipt from the motel which shows you were a resident and you obtain your driver's license, and a state identification card.You then apply for an address in Sioux Falls and receive a post box, a telephone number and your physical address.

I have a love and passion for interior design and received my bachelors degree in the field in 2015.

@Remone Randolph it is likely that you are receiving a government loan (Fannie Mae/Freddie Mac/FHA/etc) and the federal government will require your federal taxes to be paid. 

Thanks Austin, received your PM I'll give him a call tomorrow.

We received our deed last week.

If you are willing to look at the BIG picture and wait for 2 more years to show consistency then you could take advantage of the FHA or NACA loan and yes you can use part of the rents you’d be receiving from the MF to add to what you qualify for your max piti 😊.