I was surprised they were carrying that!

My brothers responsibility for the home besides carrying the loan would be maintenance ( he is very handy) and paying the property tax, Insurance and mortgage insurance.

The PM is then supposed to carry out the terms of the lease.  

Fantastic place to learn and carry your RE career as far as you want to go.

+ depreciation you took over the years = amount you need to reinvest in order to avoid all taxes.2) Current mortgage of 1.4M = amount of mortgage to carry forward.So the amount from 1) might be 2.2M and the amount from 2) says that the 2.2M must include 1.4M of mortgage.Anything less than that is considered boot and is taxable.

Some of those red flags kind of carries throughout your posts here on BP.I'm sure you're a very nice person, and you seem to have a can do, take action attitude.

A smart agent knows that a loyal investor will carry them through the rough times when retail buyers are riding out a rough market.  

Are you carrying a note for him?

That actually provides a rough return of 12-15% annually before maintenance, capital expenditures, vacancy, and any carrying costs (i.e. loan interest).

For example, the seller may want a $150,000 sale price and being willing to carry a note for one year at 6%.