You can deduct prepaid interest, insurance.

I market to pre-foreclosures & sheriff sales btw...Each state has a real estate commision that says what you need a license to do. 

You’re right about the taxes, because the taxes I paid initially on the withdrawal was not enough so I got flagged later on; a lesson learned. 

Odds are those all go up.....Expense go up and rent goes down is the making of a bad investment for you.At best I would drop it and require them to have professional yard care be paid for by them..... even that would be a stretch unless my rent is higher than marketOpening the box of letting tenants dictate the rent is a bad precedent to start.....I might do this...1 year lease at $2800........ 2 year lease at $2700....

There are a variety of paid resources such as CoStar, REIS, Axiometrics, and Yardi Matrix among others.

Any formal closing process or deeded it over should have triggered a transfer stamp to get the final water bill paid before you took ownership!

However, should he say this is a legitimate deduction, then file a charge to your LLC to reimburse you for expenses paid. 

Hi All,I wanted to know if I purchase a house in cash (paid all for it), I then would like to take out a mortgage to be able to buy another house to then rent again how the process works and if anyone can give more info on the topic! 

One of the items was a mortgage statement which stated the house is going through a pre-foreclosure process.

Almost no mortgages nowadays have pre-payment penalties (if someone tries to offer you one, run.