A 1099-C reports Cancellation of Debt Income (CODI).

But the good news is there are areas with lower tax rates, and small to large multi-family can produce good cash flow.

How/ what systems are other using to take application, collect application fee payment, and run the background/ credit check report?

If this is the case generally you would report your flip activity on Schedule C of your 1040 and any net taxable income from the flips would be subject to self-employment taxes on Schedule SE.Encourage you to work with a tax CPA/EA this upcoming year if you aren't comfortable DIY.

View report*This link comes directly from our calculators, based on information input by the member who posted.

Hi All,This past weekend I had a tenant in a single family house (in CA) report that the heater / furnace was not turning on.

We didn't neglect any known or reported water issues/ leaks, we took the necessary steps to remediate the problem (which it sounds like you did/are doing), didn't offer to abate rent or put them up somewhere, and they threatened to sue. 

@Dorian Guin thats good news. 

@Andrew Postell Awesome Andrew thanks for the feedback that is great news.

I would always caution against forming a judgement based on a single report, source, or opinion.