@Steven Hamilton IIFrom the lenders point of view, what if the note (or JV agreement) calls for a cut of the profits on the back end, in addition to the note interest, is that deducted same as interest or is it treated like earned income as it would be for the reahaber?

@Dave Carpenter - a little more about this property - this is something I'm treating as a learning experience.

That would be a problem and you'd have to deal with easements etc.If it really can't get subdivided, maybe there's a way to treat it like 2 condos on a common piece of land?

This means likely they would need to treat the mold spores and then possibly remove the rotted drywall, flooring etc.

If you just need to spot treat, try Folex Instant Carpet Spot Remover.

So, if you are new, get involved in all the Real Estate Clubs in your area and treat them just like the grocery store...you don't have to buy everything on the shelves...but in this business your net worth is equal to your network so get out there and build your network.

The downside is that if I separate from service, that loan is due immediately and if it cannot be repaid immediately, it's a treated as a taxable event.

Should these be treated as 'cap ex' as one colleague has suggested (he says HUD so categorizes as such but I have yet to see the documentation) or merely part of ordinary operating expenses?

Read the labor laws in your state/fed as to how to treat subs or employees.

The best defense is to be extremely cognizant of which files we execute (especially those contained in untrusted or unsolicited email), ensure your system has all updates installed, and to generally treat the Internet as an untrusted medium.Hope that helps!