I explain to them how we would buy their property (sub2, shortsale, L/O etc) and make sure they understand and agree to that part of it.

To add to what Jon shared about the mess we call our tax system, short term capital gains are taxed as ordinary income, which means its at your normal tax bracket.If you resell a property in less than a year, the gain (which pretty much requires an accountant to figure out) is taxed just like if you were working a J-O-B.

At that point I urged himt o get it done ASAP as I was nervous about closing etc.

Besides using something like Rent-O-Meter (which I don't really trust) and Craigslist postings, how do the folks around here figure out accurate monthly rental rates for new investing areas?

The Wark o' the Weavers We're all met together here t' set and t' crackWi' oor glasses in oor hands and oor wark upon oor backAnd there's no' a traede among them a' can either men' or makIf it wasnae for the wark o' the weaversChorus: If it wasnae for the weavers, what would we doWe wouldnae hae claeth maede o' oor woo'We wouldnae hae a coat, neither black nor blueGin it wasnae for the wark o' the weavers The hireman chiels, they mock us and crack aye abootsThey say that we are thin faced, bleached like clootsAnd yet for all their mockery, they canna dae wi'ootsNa, they wanna want the wark o' the weavers (Chorus)There's oor wrichts and oor slaters and glaziers and a'Oor doctors and oor ministers. and them that live bae lawAnd oor friens in Sooth Americae, though them we never sawBut we cannae wear the wark o' the weavers(Chorus)Oor sailo's and oor so'diers, we can they're all bauldBut if they hadnae claes, faith, they couldnae fecht for cauldThe high and low, the rich and pair, a' body young and auldThey wanna want the wark o' the weavers(Chorus)There's folk that's independent o' aither tra'esman warkThe women need nae barbers and dykers need nae clerkBut none o' them can dae wi' oot a coat or a sarkNay, they wanna want the wark o' the weavers(Chorus)The weavin' is a trade that never can failAs lang 's we need ae cloot to keep another haleSo let us aye be merry out a bikker o' guid aleAnd drink tae the health o' the weavers(Chorus)

Check out these links:http://www.biggerpockets.com/forums/52/topics/92951-landlords-are-you-breaking-the-lawhttp://www.biggerpockets.com/forums/52/topics/88894-rejecting-applicantshttp://www.biggerpockets.com/forums/52/topics/90852-tenant-screening-uncovered-duis-jail-time-etchttp://www.biggerpockets.com/forums/81/topics/90614-rejection-letters http://www.biggerpockets.com/forums/52/topics/69767-tenants-w-o-ssnslegitimate?

Rents w/o WSG $1,100 tenant pays all utilitiesMy rents currently $1,000 & $1,100.

Then use some service to get the BG, Cr, and eviction reports.CR reports require:  full name, DOB, SSN, last known address, and previous address.W/o the first three, you get no reports at all.ask residence questions:current addr, previous addrname and phone num of eachWHY are you movingask family questions: names living with you, petsnumber / license for carsphone / email addressesask employment questions:where & how longmanager name & numbercurrent income for each adultat the bottom, be sure to state"I declare the above statements are true and correct and agree that they are part of the rental / lease agreement.

Her 800 credit score was a factor in convincing me to approve her......along with the fact that she paid six months in advance and had a pile o' money in the bank.

Originally posted by Aaron Yates: Originally posted by Joe O: I don't ever bring cash to refund a security deposit.