Ill start by saying I have 0 deals completed.Anyway I don't even know how but I'm guessing through word of mouth through a family member a couple in their late 40s contacted me and asked if Id like to buy their house.Keep in mind I haven't done any marketing and wasn't expecting a call like that.So just winging it I guess I asked her a little about it.They just bought it November of last year for $85k with a 30yr VA @ 4.3%( I think I heard it right)Said her husband is on disability and her company sold her along with one of its divisions which is an hour commute everyday.

Do you keep the existing basis?

Thanks for taking the time to properly introduce yourself.I'd say you definitely have good resources with the two people you know, but even better, you're now a part of the BP community :) There's tens of thousands of members that are directly involved in real estate investing everyday helping each other.I noticed you were looking into properties of 4-10 units.

I do realize that with the holidays people can't be on here everyday.

Be reasonable and be able to justify the basis. :)

Why pay for notifications, if I can just look online every day to see if there's something new?

As for myself, with no investor network to pass along a deal, I looked every day for about two months before I found a property that fit my taste aesthetically, AND where the cashflow worked as well.

One thing you'll want to know is that here on BP we get people everyday coming on, placing ads, etc. looking for money, partners, etc.

Anyway, I believe it will go towards your costs basis when determining depreciation.

I also learned a ton from Jeff Brown's podcast about notes and having a good financial basis.