By the way it is very rentable as is (just needs new carpet and paint), but most the 38K would really preserve the investment, solidify the rental income, and we want to be responsible landlords.We have decided not to touch the equity in our primary mortgage (most of it was a gift from my parents, so I especially want to respect that.)Currently, we have a request into Fannie Mae to reduce the sales price to 21K according to the appraisal.

This guy doesn't seem to think so much about extra bedrooms;http://www.kmov.com/news/local/One-of-the-largest-homes-in-US-being-built-in-SW-MO-125730363.htmlSo, ther is a big concer about wear and tear, parents, one 17 year old girl, one 16 year old boy and a 9 year old girl, there are lots of 3 kid families.

I picked up another duplex , and I manage a third duplex for my parents.

It also indicates whether the party completing the form is exempt from backup withholding; if not exempt, some percentage of amounts being paid (28 or 31 percent, I don't recall exactly - but it's steep) is to be withheld and sent to the IRS along with your completed 1099 at year end.

As far as the LLC and taxes I'm not sure, I've partnered with my parents but the properties were always entirely investment and none of us benefited(lived there ect).As far as your daughter moving out, it is not a problem the stipulation on OO is that you move in within 60 days and continue living there at least one year.

His parents bought it back in 1970 so it's free & clear.Cap rate is approximately 9-10%.

Therefore by HUD rules a parent with a boy and a girl requires a 3 bedroom unit.Every bedroom must be at least 80 square feet and must have a window.State and local laws and regulations may have other rules that are in addition to the Federal rules.

William Ward, Albeit you being 14, i'm sure you have parents or a relative that you can have "work" for you to accomplish these goals.

(Can't say my parents were thrilled though!)

Hi all,I know it can be hard to go from learning about RE to actually doing something about it, so I thought I'd share this inspiration.My parents are newly retired, and when I talked to my mom yesterday she was all stressed out about the stock market since the majority of their income is now based on their investments in the market.