If you lie on the mortgage application you are committing a Federal crime subject to 5 years in prison and a $250,000 fine.

Regulators, state, Federal, whatever, can run rough shot over the individual business owner.

Meanwhile, see if you can amend your prior year taxes to get some federal and state income tax back.

This of course is in addition to the Federal and State taxes you pay on the net income. 

This is why Lease Options are so popular among real estate investors for both buying property and for selling them.

I became permanently, totally disabled from 26 years of Federal service in January of 2007.

The sellers took our offer due to the fact that an FHA loan has more hoops to jump through due to it being a Federal loan and only 3% down. 

I included a link below. https://georgia.gov/popular-topic/paying-property-...

This seemed to be the recommended approach when starting out.The anticipation of growing bigger and having multiple LLC entities lends itself to another recommendation to use a Nevada holding LLC as the single member of the Tennessee LLCs so all taxes and income will flow through the single Nevada entity (one federal tax return this way rather than a federal tax return for each entity) as well as the legal charging order benefits of the Nevada LLC.

Pools seem to be quite popular right now...Kristine Marie Poe - I suppose you are right in saying that the magnitude and volume have an impact on this conversation.