Erik Johnson Be sure when you interview a CPA ask about the passive activity rules, real estate professional rules, will you need to group future rentals together, can you deduct any losses each year, how does depreciation work and should you get a cost segregation study or asset management report done, which repairs can you write off vs capitalize, how will gain or loss be treated when you dispose of the property, how are the loan costs treated.....if they don't have a good feel for all of this move on to the next.

My impression was that homes sit on the market for a really long time (even nice ones) and the housing market in that area of PA really hasn't fully recovered from the downturn.

The main Team members are Attornies, real estate Agents, CPA's (or accountants), Inspectors, General Contractors, and Handeymen.I am 59 years old and I found BP about 11 months ago while medically recovering and I still have not decided to do.  

If you think I could help you with anything please contact me through BP at any time because I am on it just about everyday while I am medically recovering.  

I take a loss annually on a rental property due to depreciation, so it looks like I have no earnings. 

The income loss & stress someone like this can cause is not worth it.  

The only thing that could have saved us from the losses we incurred on some of the properties would have been a crystal ball. 

So really I just need accounting software which tracks various assets, my basis in those assets, and gain/loss when I sell.I have used Quicken for many years but upgraded a year ago to Quickbooks for one of my entities just as an experiment.  

Overpriced, crappy areas, no exit without a loss and less than accurate numbers presented is why.

Because the buyer has poor financial discipline which is why they can't qualify through a bank.If you have good financial discipline but just have bad credit due to unfortunate events outside of your control (e.g. medical issues) then my recommendation is to work hard to recover your credit and save up the funds necessary to purchase.I'm using seller-financing right now to purchase six apartments but it's because the terms are more favorable to me and the seller, not because I can't qualify through a traditional lender.