., or are you using sq ft of floor space, which would skew numbers significantly if you have three rooms vs one big one and the sheetrock is being removed from all and the studs treated.

You have to elect for it to be treated any certain way.http://www.biggerpockets.com/forums/12/topics/76052-simple-taxation-questions

Land Contracts or Contracts for Deed are often misunderstood by investors in terms of how they should be treated for income tax reporting purposes, especially when the Land Contract or Contract for Deed is part of a 1031 Tax Deferred Exchange transaction.

Also, if you want to take money out of the business throughout the year, but only technically want to pay salary once at the end of the year, you can treat the money being pulled out as a "Loan to Shareholders" and then let you accountant reconcile it at the time the taxes are paid.

As much as it humbles me to have to agree with Bill (Just kidding, Bill) I have to agree with Bill.He's right - one, you have a contract for deed and your view, or your contractual agreement that you can elect when to turn that relationship into a mere tenancy and treat it as such, may not fly - probably won't fly.Bill is right again, (man, this is painful) that landlord/tenant court will smell quickly that this conflict is not for their shop, and push you down the hall to civil court.Ok, now Bill is right again, in my opinion, in that you need to see Mr.

In the infinit I was tboned by a pickup that decided to run straight through a stoplight when the power was out and everyone else knew to treat it as a four way stop.

Since this is a 4-unit property, you might as well treat it like a SFR with regards to making an offer to the bank.

I would never do business in my personal name because I treat business activities, well, as a business.

We've even done loans at better terms than that in the past.I treat my HMLs as my partners, as an extra set of eyes on my deals. 

You could treat it as miscellaneous or a once over for each bathroom at $5k each.