I drive all the time searching for properties and I would love to get a deduction from it.My cell phone?

I have someone that has the income but on their credit report that have a two unpaid cell phone bills, a mortgage from a previous house, a lease from a prior house that was unpaid and some other things.

I met with a local credit union today and they would do a loan 90% of purchase price and rehab costs or 75% of ARV, whichever is lower.

I do, so I hope the tenants are ready for my more meticulous system.On top of all of that, I will occupy whichever unit is available first, so if I evict I'll be moving in.On another note, the current leases are horrible, so I'm going to ask each unit to agree to a new lease.

The borrowing provision on a 401k allows you to borrow (typically) up to 50% of the vested balance or $50K, whichever is less.

Ebere,I must distinctly disagree with you as IRS rules and regulations state that all expenses in preparing the property for rental activity(defined as listing for rent or actually renting which ever comes first) are added to basis.He inherited the tenants when he filed for the deed of a home in which as he stated the intent was to flip.

You might be better off using an eviction service.They will be cheaper and go to court for you and handle the trashing out and serving of the eviction.You won't find an attorney getting dirty they will just shuffle papers and show up in court.In fact I have had judges rule against attorneys and enjoyed our cases much more as we were on the ball.Some attorneys feel "special" just because they hold a law license and are below par in their performance.I tell them the eviction is filed regardless of promise of payment.I tell them you can always pay at the court hearing and I can drop the case.If you don't you will get stories like I can pay you 600 and get caught up this week and then you hear stuff like I only have 300 because such and such happened.Then they get further and further behind.They need to pay me in full and go cold with the utilities,or do without internet,cell phone,cable..

Or 100k a year, whichever comes first.

Therefore it is no longer your primary residence as of the moment you listed it for rent or moved out whichever happened last.Second, Shame on you for not having a lease.

Here are another few pieces of advice that can help - especially if you have a full time job:* Cell - Buy a pre-paid cell phone and record all the details regarding the property (how much, how big, verification needed, security, etc.) on the VM.