And still further, if you have a good paying day job, you may already be hitting the limit for social security tax.

It's not until legislative restrictions and practical limits come into play that we realize some things are just plain next to impossible to do.

Is there something like a "statute of limitations" that could be invoked to grandfather in rented units since lack of rule enforcement could be seen as consent to allow renting?

Plus, if it can be bought subject to, he can get in with very limited amount of funds and one heck of a large cash on cash at the end.

Are there any limits on the number of HUD investor bids that can be placed on any day, week, etc.

Here's the caveat: if you don't have a personal representative with the appropriate capacity, powers and authority to sell real estate during the course if probate, or If hindered by need for court confirmation, there are work-arounds, but they can be cumbersome.

I have 17 with number 18 just put under contract.My first 8 or so were either fringe areas or houses in poor condition.Those 8 are about 3 times the trouble the last 9 are whenI was able to switch over to better product (areas, house layouts, and my rehab levels).From the sounds of it, you were much smarter than I when you started and limited yourself to the nicer areas and better houses.I'm doing 17 now and its running extremely smooth.

My goal is to keep rehab costs under 8K ball park - if it needs more then that I dont want to bother.With limited rehab knowledge - what is the best way to go about inspecting these properties.

That means you must at least file Form 1065 US Partnership Tax Return.All incomes and expenses will be reported on this form and that income will pass through to the both of your personal tax returns based upon your ownership percentage.The limit is different for one person versus married.Your biggest mistake is using a program to answer your questions.I represent taxpayers(individual and business) before the IRS.

Or commit to a program that forgives them.One option I do not recommend unless you have access to a lot of cash or someone you know is filing bankruptcy but has credit limits free.