What's popular for upstairs flooring now?

Bob E.

I suspect your going to get 100 e mails from BP folks wanting to up the offer to 8%  LOLbut we don't know the specifics other than what you have described and like Anish states development deals are very risk heavy.

I just read an article today about how popular Airbnb is in Downtown Los Angeles. 

On the E and O policy a broker needs to carefully review the exclusions section and money paid out per incident.You can get a blanket policy that covers all facets but the E and O company will make you fill out a form stating what percentage of your business is commercial, what is property management, residential, development, etc.If you fill out one thing to get a lower rate and file  a claim they can disallow it if they find that asset type made up more of your business as a percent then you disclosed.

Even if nothing has been happening, just collecting rent, I still send them a periodic e-mail stating that all is good.

You list that total on your schedule-E form or wherever turbotax has you enter that income. then you enter your expenses: HOA, tax, Property manager fee and all repairs/business expenses incured during FY2013 only.

I'm not sure what you mean by "expense protection", however all of your expenses for a rental will be deducted on a schedule E at tax time whether the title is in an entity or not.Should you choose to go ahead with the LLC (can you tell I'm advising against it, LOL?)

For students with little or no income though, guarantors are the most popular route I've encountered.I would also not simply rely on your network at school to get listings.

Jon- Should I e-mail you my letters from IRS reducing my 79 and 80 taxes from over $600,000 to $1000.38.