Water at 125 per building sounds very cheap and understated.I can tell you when the landlord pays the water bill tenants take LONG showers,do not report leaks (running commodes,bathtubs dripping,washer leaks,etc.) and they let others was cars and use their washer dryer for clothes.125 by 4 is 31.25 a unit for water each month.I would demand the actual water bills for proof for the past year.If it's built in 1971 what about the lead based paint EPA renovation rules??

Ebere,I must distinctly disagree with you as IRS rules and regulations state that all expenses in preparing the property for rental activity(defined as listing for rent or actually renting which ever comes first) are added to basis.He inherited the tenants when he filed for the deed of a home in which as he stated the intent was to flip.

There is no statute being broken, so next time anyone tells you something is illegal demand they provide the statute or stuff it.However the lender has rules and without them co-operating your not going anywhere.

The way I understand the rules, you must be already active in real estate investing before taking the classes in order for it to be a deductible expense.

Does this rule apply when a roommate breaks the lease and moves out but the other roommates are still living there?

Sometimes it's their rules because it's their contract.

I was extremely naive about my numbers (hadn't yet heard of the 50% rule) and put loans on most of my properties.

You should read up on the 50% rule and the 2% rule here on BP for starters.

Next, you must keep records of repairs that indicate odometer readings as in an audit the IRS WILL ask for them.If you have a home office, the rules are strict.

You might be better off using an eviction service.They will be cheaper and go to court for you and handle the trashing out and serving of the eviction.You won't find an attorney getting dirty they will just shuffle papers and show up in court.In fact I have had judges rule against attorneys and enjoyed our cases much more as we were on the ball.Some attorneys feel "special" just because they hold a law license and are below par in their performance.I tell them the eviction is filed regardless of promise of payment.I tell them you can always pay at the court hearing and I can drop the case.If you don't you will get stories like I can pay you 600 and get caught up this week and then you hear stuff like I only have 300 because such and such happened.Then they get further and further behind.They need to pay me in full and go cold with the utilities,or do without internet,cell phone,cable..