You get to exempt the first $250K for a personal residence ($500K if married) and you pay no tax *at all*.

I am a California resident so clearly investing in my own state will amount to a negative cash flow situation.

A few requirements include: a) the person must pay taxes on the property for consecutive years, b) the person must use the property for an uninterrupted, continuous period of time (varies by state), c) the person must be in posession of the property openly (not hiding or secretly posessing it), d) the person must have some kind of claim for the title.Given that the proper conditions are met for the state that the property resides in, a person can actually squat on another's property and gain it through adverse posession.Hope that helps.....

We have bought and sold homes as primary residences, but we are interested in Section 8.

In contrast, I have a tiny studio guest unit in my own residence in California that is being rented for $995 a month.

As far as ethics....I wouldn't contact the residents directly but who's to say that you can't forward the insider info to a working partner and vice vs.

Our plan is to rent the property for many years to come.We have $65,000 equity in our primary residence (which has a 30 yr fixed for 5.875%... if it matters).What would be the best way to come up with the $12,000 for repairs?

My wife thought I was bad.Since you're not taking advantage of the favorable tax treatment for "flipping" your primary residence you'r paying a bit too much in taxes.

In addition, Hispanics often do not have a legitimate Social Security number needed to pull a credit history and establish residency.

One sheet keep track of my companies, Who is the resident agent, the official address, who are the owners and have taxes been filed.Another page on that same file lists my properties down the left column, Sorted by company that owns them.