I would also recommend setting up a separate bank account for any and all operating revenues and expenditures.

I have purchased a tax lien certificate (in Alabama) and should have it in hand next week, assuming the owner does not redeem it this week from the County revenue office.

It is my understanding that the tax assessor of any given area has a multitude of sources for information on the following criteria such as Income levels by geo zoneProperty values by geo zoneRent zonesNumber of rental units per geographic zoneVacancy factorsGrowth trends Expenses per rental by gross revenue EtcMy question ,Where can one access this information?

But I'd give a quick board to the IL Department of revenue and confirm :) 

It's gotta be new revenue.) 

On a related note: The PA department of revenue has found that transfer tax was due both on the original transaction (between seller and wholesaler) and the assignment (wholesaler to investor).

Personally I find their revenue share option interesting, though they have two  variations:  A traditional debt offering, where the borrower pays a predetermined principal and interest payment each month for the term of the loanA revenue share variation, where the borrower pays a predetermined percentage of their revenue each month until a defined multiple of the original investment is reached.

They calculate operating expenses at 50% of revenue.

In almost all situations it is considered a bad idea to give rent credit in exchange for work done. this muddles your numbers and makes it difficult to properly account for revenue and expenses. the solution is to have tenant pay rent, then issue a check for work done.also an issue is the idea of liability when having a tenant work on your home. if tenant is injured you can be liable, and the general rule of thumb is to only allow licensed and insured contractors to work on your home, even if they happen to be the tenant. my personal opinion, I would not allow tenant to do any of it. hire a handyman or contractor to do it. less risk. if inside of house was fine when tenant signed lease, and a long time has not passed, then it should be fine going forward. house was rented as is. if outside needs to be pressure washed and painted, then get it done, since your curb appeal effects the whole neighborhood.that's just my .02 cents though

Profit is “the excess of revenue over expenditures in a business transaction” and is used to pay the general contractor.