I'm new to analyzing deals, but $2500 seems really low for a $420,000 properly.

I’m sure other people will as well.People don’t “always” form an LLC to buy real estate here in RI but from a liability perspective the consensus seems to be that a properly formed and maintained LLC is the best mix of liability protection, tax benefits, and simplicity. 

We just won't know how everyone's portfolio is going to react to this until they've been given the chance to do so. 

As a property manager we try to get into the properties around every 6-9 months (more often if we think the tenants are going to be a problem) - we can tell by the way they react to rent due and work orders they put in. 

Would you engage in REI exclusively on the grounds that it makes wonderful money (when properly ran and treated like a serious business and not a hobby) I don’t look forward to comments like “If you don’t really enjoy it you won’t be good at it and you will loose tons of money” *cough umm..

If you don't have the budget for a proper direct mail campaign, you should hold off for now.

@Kathy Utiss are you saying the banks break the law or don’t follow it properly or what?

Same as post for Caleb Smith.I’ll become more active on BP and learn to use it properly.

An attorney there should be able to give you proper advise about this situation.Good Luck!

The Senate print accompanying the Deficit Reduction Act of 1984 stated that the intent of Congress in amending the statute was to "decrease the controversy and litigation arising under present law with respect to the proper tax treatment of start-up expenditures" by requiring expenses similar to those allowed as deductions in Hoopengarner to be capitalized.