The funds required for this bailout are obtained by a tax levied on employed middle-class non-drinkers.

Unless you are on the deed, I don't see that you can legitimately take any deductions for this property.

That's pretty close to what I end up at for the permanent loan, though I deduct a BUNCH of costs out of that to get to my actual purchase price.OTOH, if you stick $300 into the base calculation, you get $8,340 as the max price, and that's before rehab.

Student loan interest is deductible even if you don't itemize.

If you are a great public speaker and someone wants to hire you to give a lecture or speech, that's one thing, but when you sell tax-deductible cruise ship seminars to Somalia then you become a guru-pirate!

also it said that before their term is up you should do a walk through with them and point out any thing that will deduct from their deposit and give them a chance to make it right before they vacate.

Joe Monthly Gross Income: The borrower’s Monthly Gross Income is the amount before any payroll deductions includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payment, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income.

That must be deducted from your NOI (net operating income) and then you have what is left over (Cash Flow)As Josh stated, you can't get NOO loans above 80% LTV so PMI is not applicable here.

Thank you both...To answer your questions.....I agree about taking the $15k....I am concerned that when I take the $15k, that will get deducted from their principle amount and then they will owe me LESS than what I owe the bank!!!

One of the greatest advantages to RE investing is leverage and the second is the tax deductions (depreciation).