@Javier Pinedo, couple things to consider:Investing inside of an IRA will shelter income/gains from taxes, however that only applies to passive income.

@Ashish Acharya IRS Interest tracing rules allow you to deduct business interest related to the manor it was used, not where it was originated. 

Depending on the type of property and the market the 50% Rule is usually fairly close for expenses.How accurate is your ARV? 

It is likely the the Magistrate will rule that the temant has equity due to the option money he paid and will require you to foreclose.

Well, if you bought a car the day after closing it would appear you Applied for the loan at least before closing of the loan which would violate documents you sign at closing, with the lender, saying you are not applying for additional debt. 

I then choose from those that applied and let the rest know that I have chosen one 

The city has some real specific rules about operating them and they’re not really investor friendly.

Either way try and follow the 1% rules, which means these days you'll have to find value.

Very simple.Then I heard I may need to apply for a local business license through the city I live in, just because I'm receiving money ?

There are a lot of "rules" that sometimes change every year, so your CPA/tax guy needs to be current in his/her knowledge about this area.Lastly, I don't think you'll need a business license, but you should check with your local city and county offices on their rules.