., to bring in $1 under the Fair Tax for every $1 in current embedded taxes), the tax would have to be greater than 30% (tax exclusive) on every purchase.Despite the higher income each person would generate, the exorbitant tax on each purchase would likely reduce discretionary spending; on top of that, you'd have double taxation in many circumstances -- for example, when you buy a house, you'd pay a 30% tax and then pay another 30% tax on your mortgage interest payments.Personally, I don't mind the Fair Tax, as it ultimately plays out as a regressive tax.

I believe the key lesson is, NEVER base your business plan on 1 contractor, real estate agent, banker, attorney,etc.Several years ago, I was using 1 agent fairly exclusively.

@Tatyana Shevnina It is not the capital gain exclusion that gets prorated, it is the capital gain itself.

Michael Siekerka - not sure where you're coming from on this, we hold a ton of conventional financed properties in two LLCs, one of which is almost exclusively multi-family.Dennis Nemitz - everyone is going to have a different opinion but if you intend to grow, I would do an LLC up front.

I used to use Realtor.com almost exclusively but a few years ago it changed (a lot).

How do I guarantee secure funds during the transaction Do we deposit the funds in a escrow account protected to use exclusive funds for the property?

Luke Miller: I've never had an issue with taxes because we've been a resident of the US exclusively since 1998.

Due to the Housing Bill signed August of this year, investors can turn a rental into a residence before the new law comes into effect Jan. 1 2009, live there two years, rent for three years then sell and the rental does not count as "unqualified time" against the capital gain exclusion.

Does this contract give you exclusive rights to sell the property for a given timeframe (ie the seller can't sell it to someone else and just give you your deposit back, if he finds a better offer?)

last year 2008 , i found zillow to be way off...in my market it was way over priced...however over the last year as each month goes by it gets closer and closer to actual market values on properties...there is always exceptions and you have to know and learn your own market...i do use zillow but you can't just go off it exclusively...its just one of the tools in my toolbox that i uselike was previously mentioned looking on MLS each and every day in your market is your best tool...i search my market for properties new to mkt, under agreement, back on mkt , solds , reactivated etc each and every day...