It is not income, it is not generating any returns and it has no real value. 

@Robert DelVecchioI believe that on Zillow under "Price / Tax History" it will initially list the price the house is for sale, then when an offer is pending Zillow will add a line that states "Pending" under "EVENT" but will continue to use the initial list price under "PRICE". 

Credit card (or debit) for a self generating paper trail.

@Shiloh Lewis You may want to give name generators a try.

Yes I am planning on living in it at least initially and getting and HFA loan with a 3.5% down payment.

We estimated that it would take about 4 months, more or less, to finish and sell, and that would generate $250k in profit for me, more or less.

Actually, it was my wife who initiated the idea to invest in rental properties and her impoverished childhood keeps us anchored on the conservative lower risk side of the equation, which is OK for me. 

He's the brains, lead generator, agent, and property manager of the operation (I trust him completely, he's a rock star), I'm basically providing the money. 

I live in Indiana, and will initially focus on the Indianapolis area, but open to expanding after that. 

I copied this from a search on real estate ROE:Return on Equity (ROE) ratio calculates the amount of return generated in a particular year on the total amount of equity invested (or trapped) in a property.The amount invested (or denominator) is calculated as the initial investment (down payment) plus the entire increase in net property’s appreciation and the entire decrease in outstanding loan balance incurred prior to the year the ratio is being calculated.Cash-on-Cash Return is a similar calculation, but since the two draw backs of the traditional Cash-on-Cash Return are that property appreciation and principal debt payments are not factored into the formula, Return on Equity adds these two components to the traditional Cash-on-Cash Return calculation.A property’s net equity increase is calculated by determining what the “Net Sale Proceeds after Taxes” would be at the beginning of a year, and then again at the end of the year.