We primarily focus on vacants, preforeclosures, tax liens, and pre-probate leads.  

The basic rule for the amount of cash to have at hand is 3 months of ALL expenses as if the rental was unoccupied and you had to pay all the utilities on top of the full Primary mortgage, Interest, Taxes, and Insurance (PITI).As well, it's pays to have a bit more because life happens.Good Luck!

Typically, to qualify for loans when contract or self employed, you need two years of tax returns for a typical loan.

The no-income tax and growing city were all a plus! 

Re rent roll, obtain copies of the executed leases and validate collection via bank statements and tax returns. 

The total of all depreciation taken is taxed.

Taxes are low in Philly.

I highly recommend it.If you have any other questions or need any bookkeeping or tax help, please feel free to reach out.

But there are implications to that strategy so be sure to discuss your specific situation with qualified tax expert as this is not a tax advice and I’m not a tax expert. 

If he is still there, you may want to try a little game about returning his security deposit/following the law.