If I remember in basic accounting classes, if you buy back debt you owe at a lesser value than what it was issued at, that is considered a financial gain in the IRS' eyes and we know what the IRS does to financial gains.I'm not 100% sure, that's why I would think its worth a few hundred bucks to find out from a professional.

I'd recommend finding a tax professional (Preferrably a qualified and reputable Enrolled Agent or CPA) We here on the board can definitely help you find someone.Summary: Everything can and will be deductible.

After interning at a local CPA firm and talking with numerous Big Four professionals, I came to realize that although I did well in accounting and took full advantage of accounting clubs and associations, real estate was my true passion.

I am not a professional writer or a professional social marketing guru, I really don't know if I am on the correct track or not.

The neighborhood is very desirable to professionals, walking distance to the regional hospital and five minutes to downtown.

Thought that when I hand a card out with my property pic on it, which by the way I always do everywhere I go, that it might make it more appealing for a prospect to go to the professional website and take a further look see at my fantastic and beautiful properties(mine are better than everyone elses of course).

One can be an excellent agent without the certifications, or a poor agent with a business card full of acronyms.Aside from the normal qualities desired in any professional -- good communication, reliability, diligence, initiative, responsiveness -- a good investors' agent needs to have a level of expertise that's hard to get in a classroom.

An individual needs to perform their due diligence before forming any professional/contractual relationship and that is what I'm trying to accomplish in asking how I can best perform this on a wholesale mentoring program.

That income will effect each of you differently in your own personal tax situations.IMO, don't do this by yourself, go get some professional advice particular to your situation after you carve out some more of the picture.

I am a sales professional that wants to learn something new, fun, and challenging....and make alot of money doing it.