No, just because you have tons of collateral doesn't make any loan a good one and it's not going to be a strategy to take his house and put a pile of money in your pocket, I'm sure he'd fight tooth a nail.Tell him to go sell his car or motorcycle or boat, whatever and pay his tax liabilities.

The numbers look great to me too. The

Christian- the trial for both these individuals was scheduled for yesterday January 14.

Yes, the deployment schedule is high, but dependents still stay at the residence so it shouldn't effect the investment in a negative way.

I'm GC myself and loaded with work just because of my overhead at minimum, right scheduling and planning and the lowest material coast on the east coast.

Since this LLC is a disregarded entity, report your income and expenses on Schedule E as if the LLC did not exist.

Are properties ever held back after being scheduled for auction?

If I did this, then I should have filed a Sched E for 2006 even though the property wasn't ready to rent (which I didn't)Also, insurance, for example was paid in 06, so how can I claim it on the 07 Schedule E -- seems like I should be able to claim everything I spent on insurance since the property was never anything other than a rental.Arrrg, I don't mind paying taxes nearly so much as I hate figuring them out!

I'm going to assume it generates something like $800 a month in gross scheduled rents.

If lots, then keep good records for contributions, draws and equity splits.Revenue:Rental IncomeOther IncomeExpenses:HOA FeesMortgage InterestProperty InsuranceProperty TaxesRepairs and MaintenanceProfessional Fees (such as accountants and lawyers)(Anything else on Schedule E that you doOther:Interest IncomeFlipping Business should include:Assets:Cash AccountsMortgage Escrow Account (if appropriate)Projects in Process (one for each project, ideally)Tools and EquipmentDeposits and Prepaid ExpensesLiabilities:Accounts PayableMortgage Payable (one for each property)Other Loans PayablePayroll Tax Liabilities (as applicable)EquitySame as aboveRevenue:Property Sales RevenueCommissions Revenue (if applicable)Cost of Goods SoldProject ExpensesExpenses:Most of your job expenses will be recorded in Projects In Process as an accumulated asset and then moved to Project Expenses when you sell the project, so there's no real need to separate out expenses such as Materials, Subcontractors, Holding Costs, Utilities, etc.