EspinozaMortgageRecording Date03/30/2001Cash PurchaseYesDocument Number258033Mortgage (03/29/2001)Mortgage Date03/29/2001Recording Date03/30/2001Mortgage Due Date04/01/2031Cash PurchaseNoDocument Number258034Mortgage Amount$117,467Mortgage Loan TypeFHA(Federal Housing Authority)Mortgage Deed TypeDeed of TrustMortgage Term30 YearsSecurities CategoryFHA, Fixed, RefinancePrevious Ownership (09/1994)Date First Seen As Owner09/1994Document Number779527Sale Amount$96,125Sale Date09/1994Recording Date10/31/1994Ownership RightsSeparate PropertyAbsentee IndicatorSitus Address Taken From Sales Transaction - Determined Owner OccupiedDeed Securities CategoryNew Structure Sale, Mortgaged Purchase, Residential (Modeled)Resale New ConstructionNew ConstructionResidential Model IndicatorBased On Zip Code and Value Property is ResidentialTitle CompanyFIRST SOUTHWEST TITLEOwnerRobert SieverkroppSellerHomes LennarMortgage (10/31/1994)Mortgage Date10/31/1994Recording Date10/31/1994Cash PurchaseNoDocument Number779527Mortgage Amount$75,000Mortgage Loan TypeConventionalSecurities CategoryCNV, Fixed, ConformingPrevious OwnershipDocument Number779526Recording Date10/31/1994Ownership RightsCompany/CorporationAbsentee IndicatorSitus Address Taken From Sales Transaction - Determined Absentee OwnerDeed Securities CategoryResaleResale New ConstructionResaleResidential Model IndicatorBased On Zip Code and Value Property is Not ResidentialTitle CompanyFIRST SOUTHWEST TITLEOwnerLennar HomesSellerLennar CommunitiesMortgage (10/31/1994)Mortgage Date10/31/1994Recording Date10/31/1994Cash PurchaseNoDocument Number779526Securities CategoryFixed

Tools you can use include various government entities that accumulate data (BLS, Federal Reserve, local Chambers of Commerce) and private entities like Rentometer or Costar (pricey, though).If this is your new career, it's going to take a ton of dedication to be competitive.

No issue from a federal tax perspective.

You will definitely want to confer with non-recourse lenders such as First Western Federal Savings and North American Savings Bank to be sure what kind of LTV and terms you can expect before starting on a project.The IRA is the party to the transaction through and through, and will be the borrower on the note once you put that in place. 

When this happens everything is wiped out (with the exception of some federal tax liens) including any owners, mortgages or other liens.

.* These are my personal views and do not represent the views of the DOD, Department of the Army, the Federal Government, or any entity therein. 

But on the Federal Tax side, no gain or loss will be recognized or realized. 

Title Companies have to obey the federal laws as they relate to the preparation of the Buyer's CDs (Closing Disclosures) and ALTA Master Closing Statements and in Illinois, the title company must and will complete both statements.In my career, I've been to numerous closings where the Buyer and Seller, and their attorneys, want to do some "creative financing" with the figures at closing, but if the title company believes it's a "Respa" violation or violation of disclosure rules, the title company will not participate in it.  

If you want a low interest rate, then use the most recent IRS Applicable Federal Rate (AFR) for the loan. 

The case study analysis shows an increase in sale proceeds after-tax, meaning there was a gain in federal tax on sale.