The Phila Dept of Revenue will be looking to collect two distinct taxes - basically gross receipts tax and net profits tax from the CAL account number (usually the owner).

It is always a good idea to read and go over the application with each tenant, so they understand the application and say these are our rules and collecting application fees is little over doing it.Joe Gore

I'm 27 and I had a student loan for 33k in collections I just recently settled on it for 8k was this the right move?

I'll try VM options later to test whether there is really a difference, but I'm determined to go with a service at first (IOW, please don't tell me to use GV and send everything to VM ;)I''ve researched a bunch of different services, but actual recommendations from real customers in our business are hard to come by.So, if you've used an answering service to field calls for your business would care to share your experience (good or bad), I'd love to hear it.My plan is to have the AS collect very basic info at first, basically asking for name, contact info and the address of the property so that I can do some research and call them back ASAP.So what's the skinny on answering services?

I collect close to 90% of my rents in check form.

To simplify the puzzle at tax time, is it a typical practice to designate a new bank acct. to be used only for property-related transactions such as collected rent, security deposits, purchases for rehab and maintenance, etc.?

I do eventually want to get into rentals of some type, but for this property we want to go ahead and collect the equity we have in it.Thanks to everyone else for the replies!

As used in this chapter: (A) "Real estate broker" includes any person, partnership, association, limited liability company, limited liability partnership, or corporation, foreign or domestic, who for another, whether pursuant to a power of attorney or otherwise, and who for a fee, commission, or other valuable consideration, or with the intention, or in the expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration does any of the following: (1) Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate; (2) Offers, attempts, or agrees to negotiate the sale, exchange, purchase, rental, or leasing of any real estate; (3) Lists, or offers, attempts, or agrees to list, or auctions, or offers, attempts, or agrees to auction, any real estate; (4) Buys or offers to buy, sells or offers to sell, or otherwise deals in options on real estate; (5) Operates, manages, or rents, or offers or attempts to operate, manage, or rent, other than as custodian, caretaker, or janitor, any building or portions of buildings to the public as tenants; (6) Advertises or holds self out as engaged in the business of selling, exchanging, purchasing, renting, or leasing real estate; (7) Directs or assists in the procuring of prospects or the negotiation of any transaction, other than mortgage financing, which does or is calculated to result in the sale, exchange, leasing, or renting of any real estate; (8) Is engaged in the business of charging an advance fee or contracting for collection of a fee in connection with any contract whereby the broker undertakes primarily to promote the sale, exchange, purchase, rental, or leasing of real estate through its listing in a publication issued primarily for such purpose, or for referral of information concerning such real estate to brokers, or both, except that this division does not apply to a publisher of listings or compilations of sales of real estate by their owners; (9) Collects rental information for purposes of referring prospective tenants to rental units or locations of such units and charges the prospective tenants a fee.

When I bought the property almost a year later, they were still having to finish collecting the deposit, and on top of that they allowed one of the tenants to pay late (like 15 days) regularly and had even verbally agred to allow pets in on unit, in violation of lease (needed to be in writing).

HI Derek Check out my blog re Sub2s I don't know what NM laws are regarding recording the deed...In California you don't have to but in AZ where I buy properties I record the deed in an LLC to protect my assets but either way make sure you set up the safeguards I mention...I don't like lawyers getting involved... find a title company to handle the whole enchilada...Make your payments to them i.e.a collection company who in turn will service all the debt on the property....Any QA let me know