Hi AllWe are selling our gas station/property and provided the buyer with the past 3 years business tax returns and are doing an inspection, but I received an email form the buyer saying their banker is asking for my Schedule E, why would they need my Schedule E for the loan? 

the other option i have is build a 3 car garage and out a one bedroom apartment on top that ill rent for about $1500 a month.The garage price would be about 100k to fo but could make 18k a year.The land is $130kWhat do you all think is the better strategy?

Learning lesson for quarterly inspections!!  

Also review the city website and make sure you know if the property you want to purchase is in a rental inspection zone.  

Background info: A tornado came through about a year ago and tore up the carports for a rental property of mine in Iowa (I own one unit in the 12-plex).While the carports have been rebuilt, the HOA's building insurance is coming up for annual renewal with a VERY steep price tag.

Since you have good income, you should try to maximize equity build rather than cash flow (which you will pay taxes on if you take out of the property to pay yourselves).

(ABOUT 0.9% of the building’s value per year owned.).

He noted this is likely the best long term option as I should have no other issues moving forward.I am confused and a little shocked as the inspection report from two years ago came back as structurally sound.

I will appreciate your responses, currently I am developing guides from BP resources to prepare myself to interview and build a team.

I am looking to build my cash buyers list and am determined to get my first deal.