For me, because I have the rental income and a "regular" job, I really need to continue to grow until I retire in order to offset that income.

So I will treat this operation as a regular Purchase of house with mortgage included, freeing myself from the building process. 

He also listed many other reasons why he could "bless" this.Virgo responded, "It is a regular practice worldwide that an up-front fee be charged by a lender for processing a new loan application, this is used as compensation for putting the loan in place.

Also, they lower their interest rate for investors who use them regularly.

The goal was attain and we follow the guidelines.Moving ForwardFor now, we are researching houses in the counties of Polk, Lake, Osceola and Orange.

The houses get treated s inventory until sold, the income will be regular income subject to self employment taxes.

I personally have never transferred a property to myself so I don't know for sure if you would have to pay it (check with your title company), but when you sell a property regularly you have to pay state excise tax on the sale (1.78% of the sale price for my area).

Worst case, it's only a few days.Now, I get that it may be more regular maintenance (changing sheets, cleaning bathrooms, etc.) than a traditional rental.

There are too many variables to consider, and every market is different.Do you regularly visit a specific city outside of San Diego where there are potentially lucrative deals?

Hi guys,About to close on my first rental property, out of-state (TN), cash purchase, through a turnkey companyI've had and will have a very low yearly income (less then $10K), and I've been filing my W2's via 1040EZ doing my own taxes the last few years.From a little bit of research it seems like I won't be able to use the 1040EZ, but will have to change to the regular 1040.I was curious how complicated is it to calculate and fill the rental income, deductions and depreciation for 1 rental property.Willing to spend time to learn how to do it well.How much time would it take to file taxes using a 1040 while having one W2 and one rental property assuming I've spent time learning how to do it.Thanks in advance,Tomer