The information you provided is not clear to me, however.

House is 1280 sqft owner said its up to date ad owned free and clear.

You could of course claim any expenses or reinvestment against that income.You will definitely have to pay state taxes in Ohio.My biggest advice would be to incorporate an LLC with your aunt and make this all clear and legal.

Also, because this is a condemned property, does anyone know if I can send my inspector in with city permission, and not owner permission (she is current on her taxes and mortgage, not sure if that makes a difference...clearly not bank owned).Thanks!!

Hey @Abram Ylitalo - we gotta be colleagues to @mention me :) (OR I have to have already posted in the thread) As for getting locked out -just send an email over to [email protected] and they can clear it real easy.

Since they don't have clear title, a sale of the real property is not likely all that great of a potential solution as it would have to be Subject To the senior mortgagee and all other lien holders.

It's fairly large (4400 Sq/6 bedrooms) We will own it free and clear and should be completed around April.

To be clear circumstances are not "I want a new house", circumstances are "changing jobs more than a reasonable commuting distance away", "getting a divorce" and "increased family size".

You do have a mess for the lender and title company-closing agent, they may charge a bit more in settlement clearing all those notes.

I have recently started in the note business and would say you want to verify the collateral with a BPO, get some pictures etc. verify the taxes are paid and title is cleared and the insurance is in place as well as having a lenders title policy (this is often overlooked).I would recommend using a servicer to avoid any Dodd Frank issues and to make sure your note is properly draftedFeel free to send me a PM if you need more information.