Yeah, screen your tenants well and you will more than likely not have those kinds of problems.The deductible is a bad idea because its customary that because they are renting the house they are not responsible for normal wear and tear (which is subjective in some cases) but its one of the few benefits of renting over owning a home.If you start charging them deductibles then they might as well buy a house.Just my opinion.

Reading lonnies books and starting to research the subject is what initially lead me to BP.

If this is of interest to you then drop me a line and we can talk offline about plans for 2015, my contact info is in my subject line.Also, you brought up a very interesting point on value-add SFH & shares.  

I meet with them, we talk RE, I can see what they know or the grasp they have on the subject.

I'm not an expert on the subject.

., are subject to income tax, regardless of whether you earn the amount as an employee or self-employed person."

If your buyer only has the 3k and needs financing, the deal could be structured as a "subject to" purchase where the seller's loan would stay in place and your buyer would make payments on the seller's loan.All of the money exchanges hands at the closing and through the escrow process, performed by a title company or closing attorney.

Also, keep in mind that if you will be using financing, you will need to obtain a non-recourse loan.Also, I suggest you learn about Solo 401k Plan, there are number of benefits of this plan over SD IRA, one of the major ones is that you will not be subject UDFI tax.

I think a great way to begin using BP is to read the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing as Josh and Brandon did a great job with it.And now that you're here we'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "NYC" or "Naples" if you're looking to find potential opportunities for investing, education in a subject, or other members in your area.

Depending on your state laws, if the tenant stays past the original term, then he becomes a tenant at sufferance, subject to any provisions in the lease, including increased rent.