I'll e-mail my ins. broker later, but I'm just wondering 2 things here:1) If your LLC is sued and the case doesn't go to court, do you file a claim against your PL for the legal fees?

Well, after all the congrats I received, I just know read an e-mail from my buyer stating that due to unforseen circumstances she (the buyer) would be unable to complete the sale.It's been just over 48 hours.

I have one additional sober couple so far that has sent me a personal e-mail.

Schedule E tax form from the last 3 years.

Oh, I should add that I am in the military and that I will be filing the Sched E for this property just as if I had not moved back in, excepting of course that I have to adjust for the short time I was in the house in 2011.

Not Sched E since it is not a rental property ...And then followup question.

The price-to-rent ratio is an indicator of whether buying or renting is the better choice, but it is also kind of like a P/E ratio for investors.

Also, along these lines, a previous tax preparer recommended that I might treat each rental unit of the duplex as its own property, since each was placed into service at different times, and thereby (I assume) be represented as such on Schedule "E" in columns A and B respectively (ie, Property A= initially rented unit, and Property B=newly rented unit as of Aug 2011).

This will cause you to file Schedule E on your tax return.If you are a Multi-member LLC, you will want to file the return as a partnership(Form 1065).If you flip/wholesale properties, you will want to elect S-corp status and pay yourself a reasonable salary.Some people if they are in a high tax bracket, will use a C-corp to hold their properties in order to acquire financing separate from their name and to shelter some of the income from tax if they are not taking any dividends for an extended period of time.

I have also heard that a D/E exceeding 3.5ish is a red flag.