One other thing that is appealing to the current owners is getting a decent rate on the notes they would carry, compared to the fixed rate products that they would be likely to put their money in such as CDs.

How would your rent compare to the going rents in the area?

Simply by doing a drive by and running comparables this house completely redone can be moved for a easy 175k-200k.

The exclusion is reduced pro rata by comparing the number of years the property is used for non-primary residence purposes to the total number of years the property is owned by the taxpayer.

But as a heads up make sure your HVAC guy gives you ALL the paperwork & that the new fce & A/C units are registered for warranty purposes.

[Granted, I don't know how you are creating the splits for tax purposes, but an issue could happen on the income or the expense side of things.]

I have never tried investing in retirement communities as I always viewed it as a small buyer pool compared to traditional communities.Please tell us more about your plan and what made you choose retirement communities.Best of luck with your investments and welcome again!

@Shaun ReillyThe property will have dual purposes - I will be living in one floor and rent out the other floor to get some cash flexibility.

Fine Homebuilding did a story in their November 2013 issue comparing the pros and cons of several brands of chemical paint strippers.

Since now I'm dealing with two different people, the title holder and the borrower.I know investors that buy HOA liens do it for the purpose of renting out the properties while waiting for the senior liens to foreclose.