David, actually, if you won the judgment a year ago, and had the final check that he cashed, then you could have obtained a bank levy to get the money from his account awhile ago.

I don't know where your properties are but they may offer a tax deduction that could be more beneficial than a note discount.

You can also deduct more for houses that back to major streets or highways, or other negative property attributes.

From your title to this post, there are no dumb questions, only dumb answers.That said, Josh gave you an intelligent answer. market values are determined by recent comparables for residentail properties and valued on income for commercial properties.That said, this is a 4-plex and close to a commercial multi family so using an income approach on the buy end is important.Calculate the amount of rent you expect for each door, deduct half for all expenses including operating, vacancy, and capital (this is just an average), then times by 12.

Military people don't get into homes for tax deductions, they don't make enough!

The book will Not go into specific state level laws but does offer links to were to obtain state level legal information.My other advice is to pick up a book on tax advice for land lords to understand when and what deductions your should take for repairs and how to minimize the tax burden from the property.

Then I deduct any repairs needed and my wholesale profit if its a wholesale deal.

I have just started my wholesaling business and want to know (for next year) what expenses are tax deductible.

I'm confused on this as my damage deposit was returned in full, and that was the opportunity to deduct for damages; wasn't it?

After deducting all the expenses from the rents, this is your NOI (net operating income) and does not include debt service.Now you have to figure out your debt service.