Is it common practice to submit offers in the property address LLC.

I spoke to our CPA and the 1099 Bryan sent is accurate.I felt like linking the BP thread to show them the collective expertise, but that may have been rubbing it in...ya think?

This practice appeared common.

The next thing the bank does is collect all the data that you sent in and they usually will send everything over to a valuations dept for further review.

Collected rent for February and that's it!

I truly believe that going all in or all out is not the best choice and I try to practice what I preach.

I am thankful to have a place to "practice" on paper without the money mistakes.Thanks!

You assign a contract, double close, buy in an LLC and sell the LLC or some other technique that makes you a principal to the deal, but the basic idea is you find a buyer, find a seller, put them together and collect a fee.

Its an issue of materiality more than anything else and you will need to have a written policy in place that you follow.If you have one property and collect $400/mo in rent and purchase 5 tools in one year for $100/ea will be far more material than if you had a 100 unit apartment collecting on average $650/unit and spent the same amount.There are few hard and fast rules here though the temporary regs passed in December will change some of this on your 2012 tax returns.

Of course, there's a first for everything ...This next thread holds a collection of links for buying at auction, some of which specifically refer to HOA:http://www.biggerpockets.com/forums/41/topics/68977-foreclosure-auction-sheriff-sale-and-trustee-sale-faq