Also, since this is also a matter of principle to me now, can we add the costs of time spent advertising, getting the locks changed again, cleaning, and whatever else is an inconvienience since we bent over backwards to help them to be able to move in...

The number one thing to do now is to get the property cleaned up and re-rented.

That gives the buyer a chance to clean up their credit.

With deals like you describe, Gail could achieve her goal with about $1 million.Now, this is a lot easier if you, the properties and the bank are all in the same area.

I think it really comes down to a newbie investor being able to decipher between someone like yourself and a "mentor" who is going to charge the most they can out of a student because it's easier to make money that way.

In the end if you have no comsumer debt and just mortgages it will be a lot easier to have a high cashflow.

This can affect a lot of things for example you could have them put up 20% to obtain financing and it might make things move towards getting a loan easier.

I hired several persons/contractors to do the painting, landscaping, cleaning and maintainance, but I don't have their SSN or TIN, so I did not send them form 1099MISC, do I still can deduct all those costs from the rental incomes on my tax return this year?

It's quicker, easier and cheaper than allowing your property to be probated.

This makes it easier as a landlord because you have a variety of applicants to chose from.Hope this helps from a college guys perspective.