Hint: the “balance” on the amortization schedule should match the UPB purchased (excluding late fees, and any other funds owed outside the actual note) AND be the line item with the correct number of payments remaining.Using that line on the amortization schedule, complete the deposit in QB with the following entry:Recognize the reduction in the asset (the account/class/whatever QB calls it noted in the purchase noted previously) by the principal amount shown on the amortization schedule,recognize the interest income using the same line on the amortization schedule to a new and separate account “123 Anywhere St Interest income”,the remaining is “gain on payment receipt” of the note and should be recorded in a new and separate account “123 Anywhere St Gain on monthly pmt rec’d”The bookkeeping entry isDebit cashCredit the other accounts noted above.If debits and credits don’t equal, an error in the entry must be resolved. 

I used an MLS generated amortization schedule which is fine, until you have a reduction in principal! 

Should we offer a one time reduction in rent or cash to help move stuff out or nothing?

Most insurance companies will allow you to switch coverage from vacant to occupied when you get 1 unit rented......this is a big reduction in your premium so it pays to get the first unit rented as soon as you can.Also as Mark said, make sure of the rehab costs.

One thinking you could consider would be to have a tenant do it for a reduction in rent. 

I don't want my contractor going in there ripping stuff out and one of his subs comes back and hits me with a fat lawsuit somewhere down the line because he was working where there was lead paint and we didn't know about it.

They will do a price reduction usually 10% every 30 days on homes that dont sell quickly.

So buyer either walks or asks for a reduction for repairs or maybe asks that you do the repairs out of your pocket.All that even if no Certificate of Occupancy is required.

I don't think they could demand a reduction on the basis of the home no longer being inhabitable (as you are not able to remedy this), although I wonder if the lease has some sort of force majeure clause available to the tenant under the law.

guess that comes with age (49)danny abalos from aurora (far west of chicago, actually end of the train line) illinois (no capitals in my posts, too much trouble with fat fingers and no typing skill)married 17 years, 4 childs and a nice fat mortgage, hopefully self employed by REi'm glad to be here with you alloh, i do woodworking as a hobby.