I could cover the down payment with house proceeds and he can use his cash for extensive rehab costs.

Mainly because I bought two properties at once and that took up a lot of cash and then the repairs were more extensive than I anticipated.

However, be very very wary and do extensive research on the areas you plan to look at.

Consider an extension of the articles scenario,  In the scenario the taxpayer sold a $1 mil building with a $500K mortgage which creates net proceeds of $500K.If the taxpayer only uses the equity and purchases $500K or replacement property then they do indeed have a boot problem of $500K. 

While many rental activities reported on tax returns show a tax loss - the lenders should be looking at it carefully to see what expenses can be removed from a lender's perspective so you can have a lower DTI Ratio.Examples - Many lenders add back depreciationAlso - if you had a year with extensive repairs(roof, water heater, etc) - you can argue with the lender that normally repairs should be $1000 a year instead of the $5000 that we had last year.The lender may be able to addback $4,000 in this case to your income for DTI purposes.

Around the corner eh, have you thought about a long extension cord?

I will support any one that comes on here with a detailed plan based on extensive research and learning.

Pet hair combined with negligence can result in higher AC repairs, over the amount paid in good practice. 

The purpose of the owners’ rep time was to determine if there were any existing leaks in the water inlet system.On Jan 10, Ben followed up with a detailed description of his intent for the scope of work at 1435 7th St, which included a couple lines about the owners’ rep time and hands on work.On Jan 17, Ben completed work at XXX E 16th St in capping water lines, providing feedback that there were no leaks on the incoming water inlet system, and then completing the natural gas extension to allow for connection of a gas range.On Jan 28 (best I can tell from my records), for work at XXX 7th St, Derrick YYY was paid for the rough electrical scope of work and successful inspection sign off.

The guy who thought of the $3 plastic drain snake that you stick down the drain and pull out all the hair, only to lose the snake and have to buy another one next time?