I see it frequently.

Below is a link to the IRS website that looks like it does in fact have the ability to ask for the backup.http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Use-of-Electronic-Accounting-Software-Records;-Frequently-Asked-Questions-and-AnswersI would read carefully as there appear to be many different scenarios.

What people won't tell you about section 8 tenants, is that if you're fair and good to them, they don't move as frequently as the rest of the rental population.

However, products and bank appetite changes frequently, so it's worth it to call every single one.If you call enough of these, you *should* find an investor-friendly bank that "gets it" and makes purchase+rehab loans for 75 to 80% LTV, with quick closes and instant-issued pre-approval letters to back your offers, at a very reasonable level of closing costs and a good personal relationship with a local banker who can make decisions.I was just hooking up with a bank in my area who does the following:1yr ARM at 3.99% fixed for 1 year3yr ARM at 4.99% fixed for 3 yearsNo points and no prepayment fees30 year amort. schedule and final maturityAbout $500 in total feesRehab portion released as work is completedIf you decided to keep the property, the floating rate terms (after the 1yr and 3yr periods) would be 1yr Tsy+375, w/ 2% annual change cap, 6% lifetime change capNo balloon, straight 30-year amort.Once you have a little more capital, you'll likely want to make cash offers to improve your negotiating stance, so you'll want to make sure that that the bank will come right in behind you after the close, do a cash out refi and fund your rehab at the same 75-80%.

So you want to choose a site that updates frequently, removing "bad" sale data so you don't stand at the courthouse steps waiting for a sale that was rescheduled.

I would recommend getting involved on this site frequently, as every topic you can imagine is discussed completely.Let me know if there is anything I can do to help.

Not to say you won't find the experienced guys there too, you will, but they frequently already have sources lower than typical hard money rates.

As soon as you’re labeled a habitual contract flipper in the market, you’ll find it very difficult to have a P&S contract offered to you.My recommendation would be to try your hand at wholesaling in Queens, Brooklyn, the Bronx or Staten Island where prices are lower and sales are much more frequent.

I cannot find an actual law, but a google search returns this phrase frequently...

He does mailouts frequently.