See IRS Publications 527 and 925 for a detailed discussion of these requirements."

Thanks guys, i created another thread with the details on my deal.http://www.biggerpockets.com/forums/311/topics/83673-please-review-my-deal-analysis---henderson-las-vegasIn the past, I've always gotten 10-15% below market, but right now, I'm buying at market because of the low inventory and raising prices.

My thought is to buy the house for $40k or so, partner with the seller (he drew up a very detailed scope of work that totals about $50k in repairs but I feel there is still room for negotiation in his number).

See Lonnie Scruggs' site for all the details

I generally just throw in the details for a couple buildings and see if they work out.

That is a nice list to find sellers but it lacks detail.

Find out what's available and the details (this also helps you determine rents.)

Thanks for the posts, I've created a thread with a bit more details on the Geneva Situation : http://www.biggerpockets.com/forums/12/topics/83728

You won't get a lot of details but you will get a lot of good ideas and I think as a first read you can't get much better.

Frank Gallinelli I appreciate your detailed response.