Originally posted by @Michael Noto:As far as a formal letter goes, the only time we issue a formal letter of denial is if the denial was credit based....OK, this is a matter regarding the Fair Credit Reporting Act (FCRA).  

Part of my value to another investor is that I have a full inspection report, appraisals, and contractor bids I obtained last month while I had it under contract.

Yes, this is a situation in which the IRS would require you to report your rental income and expenses on Schedule E.  

BUREAU CHIEFShutterstockHome prices in Denver are up 10% year-on-year.Here’s a city-by-city look at house prices, as the S&P/Case-Shiller 20-city composite showed a 0.9% monthly gain for March and a 5% year-on-year gain.Note that the cities are those selected by the Case-Shiller report, and that major metropolitan areas including Houston and Philadelphia are not included.CityMonthly gainYearly gainAtlanta0.8%5.4%Boston0.4%4.6%Charlotte0.9%5.8%Chicago0.9%3.4%Cleveland0.4%1.0%Dallas1.8%9.3%Denver1.4%10.0%Detroit0.8%4.2%Las Vegas1.1%5.7%Los Angeles0.8%5.5%Miami1.0%8.7%Minneapolis0.9%3.0%New York-0.1%2.7%Phoenix0.6%3.1%Portland1.1%6.9%San Diego1.3%4.8%San Francisco3.0%10.3%Seattle2.3%7.5%Tampa1.4%8.1%Washington0.8%1.0% Seasonally adjusted, the March home price gain was an even stronger 1%.

Depending on what type of investing you do, having an LLC or an S Corp might protect you from a higher tax burden than just reporting all of the income under your own name.

They charge around $450 for a standard single or small multi and report delivery is electronic.  

My discussions with lawyers have revealed that most LLCs by small landlords are extremely easy to pierce because the investors often put some personal expenses through the LLC by mistake or simply do not keep adequate records.    

If you annoy people, they'll probably report you.  

If you want to own it, but let employees run it and report to you, then your pay roll needs to reflect having capable people on site...Thoughts?

Each step you take reveals a new horizon.