We have someone who is able to assist us on a "silent partner" basis.

If your construction guy wants to make more money, have him put money in on a per deal basis.

I read everyday to build confidence and knowledge.

Answering these few questions will tell you what items your will need to do related to the scope of work needed to get a permit approved.It sounds very intimidating to the beginner, but it is what we do everyday and it really is no big deal.

Hopefully a CPA here will confirm (or correct) my answer.It is my understanding that closing costs go into the basis of your property.

So, that is my thinking and basis, states may allow it, I don't know if there has ever been a challenge to this, I can see where it wouldn't be if it was common practice, but who knows....Again, I totally agree, these matters are state specific and folks need to get with local counsel. :)

Some of these guys are pretty slick and would put a used car salesman to shame.You can learn far more here on BP - for free - from folks who are on the ground investing in real estate every day: some do it part time; some full time; some have been at it for years; some are just a step or two ahead of you; and some are where you are at.As for the Canadian market, it did not undergo the correction that took hold of much of the U.S. market four year ago and much of it is full priced - where you are (the GTA) is beyond fully priced and bordering on silly.

The 25 basis points is worth it to get 5 years more room on the loan.

Every case is dealt with on a case by case basis for the most part.

The advantages are a higher rate of interest than the seller can likely get on any other investment, deferred taxes especially good for those with a low basis or who have had to take depreciation on a rental.