Account ClosedIf you and your colleagues have a tenants in common agreement in place and you and your colleagues own the property in both of your names - you and your colleague should be entitled to report each person's share of income and expenses on your individual tax return instead of filing a form 1065.There are some benefits with this method such as not having to file a partnership return which can cost $$Furthermore - you don't have to wait for the partnership return to be completed before you can complete your individual return.The only possible downside is that you may have to calculate depreciation separately.$1600 a year for a partnership return - I hope that didn't wipe out all your cash-flow!

The price to rent ratio is completely out of wack.

At Duval Homes Real Estate we complete thorough background checks on all Prospective tenants.

It's one of the features that I'm missing to make my membership complete.

Closing costs (Purchase and Sell) $4.6K plus Purchase Closing = $2.4K- Holding costs (your numbers are not realistic) = Profit It will take more than 30 Days to complete a $20K Rehab.  

The process certainly has taken a longer on this project. 3 months dealing with eviction + another 3 months waiting for warm weather to complete exterior scope.

This method of creating a wanted vacancy is possible and frequently completed in Boyle Hts and other rent controlled areas of LA.

well I am not a NPN expert by any means but this is an interesting question so this is my best guess's1. the 189k is all the property is worth.. in reality.. so that's why its listed at that price.. and probably in contract for around that number.2. the seller does not realize you own the 2nd and who ever sold you the second probably realized the value was not there and unloaded it to you.. 3. your in the drivers seat in that this deal can't close without you signing off on your payoff.4. this is a short sale .. the first lender will be asked to take a short and will usually only cooperate if you as the second take no more than about 5k for your position.5. if you paid for than a few grand for the 2nd your in jeopardy.6. if you don't cooperate and the 2nd is in default you can foreclose payoff the first and deal with the asset.. 7. if the seller gets frustrated they just walk and squat stop paying on the first it forecloses and you either pay it off or it wipes you out completely .either way.. 2nds for most folks are pretty risky.. unless of course you paid next to nothing for it and its just mad money.. that you can easily lose. and just chalk it up to well that did not work.

Everything went well, at that time the seller had paid their property taxes in full, and as usual when we were completing the transaction the notary or lawyer calculated the pro rated amount of taxes that we owed to the seller based on how many months were left in the year.

I think one problem you may run into is rent to value ratios once your rehab is complete.