Account Closed I thought about following up with another fish joke and decided against it.

I've also considered looking into becoming a private lender but I feel I should experience the RE game myself before I start lending money out to others.I've been researching heavily, pounding through 1-2 podcasts a day and am in the process of finding a lawyer, accountant, agent and any other people I may need in my RE journey.

The loan, OTOH, has no effect on the taxable gain.I would advise you to sit with an accountant or financial planner and go through the number in detail, with consideration of your other income, and discuss future goals.

These safe harbor rules contain capital account bookkeeping guidelines that establish uniform procedures for recording the economic (not tax) results of partnership operations.

If you are serious about investing, the Pro account is worth the upgrade.

Originally posted by Account Closed:going by the numbers its a slam of grand proportions! 

Remember you're going to want reserves, and any bank will largely require 3-6 months of expenses in a cash account (although some banks like mine allow a Roth IRA or brokerage to stand-in for cash reserves, so make sure to ask about that).

Just write checks to myself as "distributions" from my LLC business bank account?  

What's worse is that the value of the apt moved up from approximately $1 Million at the time to about $2.5 Million.The reality is that my friend was not only losing in Cash Flow when taking into account his living situation in NYC but he also lost opportunity cost because he had the chance to buy a Condo that was very similar to the one he rented.

That is what we were thinking about by raising the rent $50-$60 a month and putting the extra into repair account.