Tax Benefits - Can deduct most of my mortgage interest while building wealth.4.

I established a  mgt entity for leases, deposits, income, expenses, but never held any of my dozens of residential rentals in LLCs over my 21 year run.It's just tougher to get good mortgages and insurance. 

There is a bank in Canada but the stipulations are hard- especially with one of my properties being an air b n b, it’s harder to claim that as income.  

G'Day Beverly,We purchase a variety of motivated seller lists that get a great response rate.Evictions, probate, tax delinquent, out of state landlords, code violations just to name a few.And my team smile's and dials all day long.It's important to know your market and know the numbers in that market.Negotiate hard, be quick and buy with cash.That's what has worked for us for many years now.Too many wholesalers are a joke and over inflate the ARV so be careful and know your numbers.All the best.

They buyer then goes to get a loan from the bank, and in the course of due diligence the bank finds out that one of the sellers has a tax lien judgement against them for $320k ( the property is selling for $130k ).

Another unfortunate situation with a lot of these sorts of tenants is that they are "judgment proof", meaning, even if you were to sue them for damages, they do not make sufficient income or have sufficient assets to collect on your judgment.

It wasn't actually passive income, it was a part-time real estate business.

I owned and lived in duplexes and triplexes where I lived in part and rented out part.On the incomes taxes, the owner occupied part is not included in the schedule E.

We live in NYC and we are looking to invest in STRs to offset some of our W2 income.

No lender will qualify your income earned from a short term rental based on a profit and loss.