If off market I search local county tax record for owner and send one of three letters; individual, LLC, or REO.

Meanwhile are the taxes and insurance even being maintained on these defaulted properties.

do you guys have any systems to keep your business expenses separate from the start for better tax planning if not forming a legal entity.

Real estate is a vast industry – look around – it is everywhere – giant commercial buildings in every town – leasing – land development – tax deferred exchanges – syndication – partnerships – and much more.

It can be quite a bit more per hour income and you get other great benefits: tax benefits, appreciation, etc and the ability to sell when the time is right and defer all your gains.

Leaks would be the main reason if the reason for the leak cannot be found in a rental (sometimes a "popped" roofing nail is all that is the cause of the leak).For many landlords, patching a leaking area is often considered before replacement since the cost of patching can be taken off as a repair on taxes which roof replacement is typically depreciated over a number of years.Gail

There is an undisclosed bedroom as well when compared to the tax records - records show three, they currently have four, and there are a couple other rooms which could be used as bedrooms as well.  

Just make sure they specialize in tax and have significant experience dealing with real estate investors.Here is a great list of questions to ask a potential accountant: http://www.biggerpockets.com/forums/51/topics/7044...Also check out the www.NAEA.org page in your search.

Where are the tax bills sent?

We haven't had the inspection yet, nor have I verified the seller's rent roll or expenses other than property taxes.