And in support of Bill's statement They WILL catch it.

When I first read this, I smiled...Then I read it again, and realized exactly how much truth there probably is behind this statement...not just the government having this belief, but many Americans as well.

You may want to fill out their Personal Financial Statement (at least get the form) and make it your goal that by the end of the second meeting you have an idea of exactly what projects (real estate investments) the are willing to finance.

Helped me understand financial statements of a building and different financial ratios.

I want to retain the earnings in the entity for future growth and acquisitions.Since this property will positively cashflow, and my wife and I already make average incomes - using a C-Corp to separate rental earnings would appear to be beneficial.Additionally, in my experience if you're working with a lending company and they see a K-1 reported on your 1040 tax return, they start asking for financial statements, corporate tax returns, etc. etc. etc.

I strongly recommend that nobody buy a condominium PRIOR to reviewing the CC&R, Bylaws, Rules and Regulations, RESERVE STUDY, financial statements, and maybe a years worth of minutes.

The title company(es) will prepare HUD-1 statements for both transactions.

Paul Ryan says U.S. borrows 42 cents of each dollar it spends and half the borrowing is 'from countries like China"http://www.politifact.com/wisconsin/statements/2011/jul/15/paul-ryan/gop-rep-paul-ryan-says-us-borrows-42-cents-each-do/

While several have now jumped in on the 5's before 3's side, and after some additional research into this, I think I will ammend my first statement and switch to the 3's side as the first to hit.Here is part of why I changed my mind:The national debt continues to climb at a rapid pace and the dollar continues to lose value.

@Joel Owens: I agree with your statement.