They received a certificate of Sale.6) I was advised to by real estate attorneys who told me that if the owner did not want to pay me rent then I should evict her to get some of my money back.To me it sounds like you forced the bank to call the loan do.

Thank you for replying.The quote I received was for an entire year for that dwelling.

She has already shown my building 3 times to prospects and is waiting to receive feedback from one who is very interested.  

@Daniel Clem once you move in you can use Craigslists or even list it with the agent to receive pre-qualified tenants. 

Looking at the IRA publications for these forms I don't believe I need to issue a 1099 because I'm not paying anybody, and I don't need to issue a 1098 because the money I receive comes from an entity.

(I hope to do the same exact thing someday) I am sure the joy you have in doing this will be greater than the person receiving this amazing gift.

I joined a local REIA and I receive a lot of wholesale emails but I haven't found the right deal so far.

The receiver doesn't have to file anything.You get an annual exclusion of $14k per person you gift to.

(DISCLAIMER: I am not affiliated with nor do I receive any compensation from yellowletters.com, but we are a customer of theirs.)

Over the years of struggling in this business, trying to put deals together, working to earn a commission or an equity profit, I am blessed to have had the ability to be innovated and with creative imagination to invent systems, techniques and concepts that produced short cuts and made my job easier, rewarding and fun.Some things I have used or invented to help myself and associates to relieve the pressures of this business:A business card that people keep and play with and ask me for moreA Indian Head Nickel that has gotten the attention of bankers, prospects and many people who have received it.