For those of you that operate in the state of Ohio you need to talk to your tax advisor about the new CAT tax:http://www.ohioscpa.com/advocacy/article.asp?

However, they may help if you are ever audited for expenses you claim relating to owning and operating rental properties, but ONLY IF YOU KEEP EXCELLENT RECORDS and in no case will it help you if you are cheating on your taxes.

As Josh said, your best bet is to get cozy with an agent and work up some arrangement where they give you comps for something else in return.

A few other thoughts, if you want to get down to the nitty gritty about the bottom line, though some of these stats are relevant whether you sell or keep the prop: -expected appreciation over life of investment -equity bought through mortgage payments -benefit of the interest home mortgage interest deduction in terms of saved (or shielded) current annual income -a 10% misc operating expenses bill tacked on -a 4%-12% vacancy rate average depending on local norms -25% recapture of depreciation -cost of improvements that will likely become necessary if you keep the house for 10 years+ like new roof, new water heater, new carpet/floors, etc...minus the depreciation you can claim for each over time -whether you've held the property for at least a year, which will impact the classification of short-term cap gains taxed at personal income rate, or long-term cap gains currently taxed at 15%.

The conference had representatives from all over the Midwest set up each in a booth and Southern CA investors went from booth to booth talking with the different reps about their areas.With that kind of proactive event going on, I would say that investing in CA for appreciation would not be the best bet right now.

Not on sales too much but mostly processing and back end operations.

If you are going to need financing, you are probably going to have to get your wife involved with the loan docs.I would say that your best bet would be to study as much as you can on creative financing techniques (lease/option, land contracts, subject-to) in order to eliminate the need for your wife's cooperation.Tell us what her perspective is please.

Being that I'm already operating a non-profit organization, there is a way to make a donation to my non profit and receive some tax benefits from it.

I'm thinking about the following1. form an LLC of which all owners are members and are all actively involved in the day to day operation of the business2. we make decisions together, though most of everything will be specified up front in the operating agreement (what we will buy, how we will spend money, and how we make decisions about when to buy, when to sell, etc)3. make sure to include clauses about "how people can leave and get their money back" and "how we can force someone out of the group" -- these will all be family/friends, but you really do never know what will happen with people and money.my questions are:1.

I'll need new electric service, furnace & hot water heater . . . so, all and all, there is no MAJOR renovating, simply getting these 2 units operational. . .If you know of any good, reliable, and reputable contractors in the area, please PM me, or send me their details.