I need your advise BP....Just closed a my first rental property yesterday. 1 hour after I closed on the property the previous owner told me that the current tenant has been late on the last 2 payments. and still owes $300. 

Hoping I can get some basic advise on the tax benefits of purchasing a rental property.  

Any advise would be helpful. 

Im not one of those guys who wants all money to be split and only having personal bank accounts, but I am a planner and know that there are best practices in business because some things happen outside of your control.Can I get some advise from people out there? 

Wish my phone could enlarge your HUD Statement so I can tead the numbers, but it can't, so I cannot advise.

At the time I was advised by council that the contract was still valid and that I could force the estate to go through with the purchase. 

Hi Fellow Members,Can you please advise on how much would a typically cost to do a survey on a residential property.

(I am checking with my tax adviser to ensure what I said is correct and that is a viable option).2) My business partner pays down the mortgage on our first property and we do a cash out refinance which would allow me to access those funds for this purchase since I have a 50/50 stake in the LLC.

I have been going to him for more than10 years for all my financial advising needs.

While in the process, I was advised to title it under an LLC (asset protection).