My goal is to keep rehab costs under 8K ball park - if it needs more then that I dont want to bother.With limited rehab knowledge - what is the best way to go about inspecting these properties.

That means you must at least file Form 1065 US Partnership Tax Return.All incomes and expenses will be reported on this form and that income will pass through to the both of your personal tax returns based upon your ownership percentage.The limit is different for one person versus married.Your biggest mistake is using a program to answer your questions.I represent taxpayers(individual and business) before the IRS.

Or commit to a program that forgives them.One option I do not recommend unless you have access to a lot of cash or someone you know is filing bankruptcy but has credit limits free.

I have very limited exp. with investing.

An American express card that is required to be paid in full each month is also a limited "credit builder", it provides an unsecured revolving credit line.

Personally, I'm a huge fan of Family Limited partnerships and multiple entities; however, being an accountant it is easy for me to keep it all straight.

I am not too sure what i will do from there, but i know that the sky is the limit in real estate.

I've also put a $80,000 limit to my investment endeavor.

The family that I am working (that I seem to be getting a good vibe from) with seem very punctual and follow throught with everthing that I am asking for, but I have had limited interaction with the actual family that will be living there, since they do not know English.

One of the other difficult parts is accounting for an being sure that you are limiting your tax liability in as many ways legally possible.