@Andrew R. the NRW 91-01: Withholding on Sale of Real Property by Nonresidents is a good link - I went to bookmark it and found I had already done so in 2012 :)My understanding is that it's "withholding" meaning the seller may get some or all of it back once s/he/they file a tax return in Rhode Island for that year.Also a close reading mentions a possible exemption for sellers 55+"In the event that the sale of the property by a nonresident will not be subject to tax under Sections 121 (One-Time Exclusion - Over 55 Principal Residents)... the nonresident seller must make the gain election and file the RI Form 71.3 Election even though no withholding need be made""If the property Martha was selling was her residence and if she otherwise qualified and intends to treat the sale under Section 121 of the Internal Revenue Code (one Time Exclusion Over 55 Principal Residence), she would still have to file the election form 20 days before the closing but would complete the election form and use the special types of transactions area on the back.

Looking to understand the qualifications and how long the process takes.

My understanding was to meet the criteria one needs to:1.

My years there I was never able to make rentals work worth a crap and as I understand it has only gotten worse in the last few years

I understand the 50% theory.

I've spent the past few months trying to understand the numbers, develop growth strategies, and learn the basics of being a successful landlord.

Financial freedom is my main goal as I grow my own business so I can spend everyday with my family and because of this new profound love I have for real estate, I know I will achieve it.

As far as end goal is concerned I would like to have 10 rental properties by the time I am 35 and a decent enough understanding of the industry to possibly start my own property management business.

Unfortunately, we see a disconnect between the association and their understanding of this policy.

Can someone help me understand the hard money lender process.