Revealing that a $70K house doesn't have new mechanicals is no surprise to anyone with experience.6.

Second, when everyone looks at this report, what do they focus on? 

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@Plam AngYes you can record the deed on your own but before I would record the deed I would do note due diligence.You should have run a title report on the property as it sounds right now you don’t know what you bought.

@Gabriel Heath Stine, If you haven't reported that property as being in service yet on a tax return then you can move in immediately and it can be your primary residence from the time of purchase. 

In most investments like these, the investor is completely removed from the asset, the management, or the operational perspective of the investment.When you invest in syndicated investment, the syndicator/sponsor will handle all aspects of the deal such as, due diligence, locating a profitable property (or properties), hiring and managing the property manager, sending out quarterly reports, implementing the business plan, handling investor relations, and so on.

Clark Street Capital has an AWESOME report they put out bi-weekly, and it gives super great insight into the commercial and residential debt markets.

If I spent money on it (say 1-2 months) before it becomes rental property, can I expense it for tax report? 

Also, can you take the inspectors report and use it as a basis for your SOW?

But as you and I discussed that could also be in the form of a disregarded LLC because that does not change the tax return that reports the activity of the property.