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.?

Neither of whom would risk their licenses to practice law or RE.

This is very standard practice.

I guess he wanted to test me how persistent I can be.However, once he invested, all I needed to do is call him and he invested in practically all my acquisitions.

No use the collection company to make all payments have heard something like a 3rd party servicing the debt so not to raise eyebrows but I don't really know what that means.It's common practice for a lot of property owners to use 3rd party collection co to make payments 4.

[citation needed] Several states have taken steps to confront the more unscrupulous practices of equity stripping.

So I kept doing research and the concept seems pretty straight forward, and from the looks of it, it IS legal as long as its done correctly but I still have my doubts.My questions to YOU, the more experienced "creative real estate investor", is wholesaling indeed a legal and ethical practice in the state of Wisconsin??

For the RE license I enrolled in 3 online courses (Principles, Practice, and Finance) offered through California School of Real Estate and purchased a study guide to get me started.

Finding properties that fit the 2% rule is a joke and even going with the 1% rule is practically non-existant.

With the colleges here, typical vacancy rates for every landlord I have talked to is a practical 0%.