You also cannot convert items which normally would not be deductible (insurance, repairs, depreciation, etc on a personal residence) to a deduction.Ask yourself this - if this were legal, wouldn't everybody do it?

The deal would be a completely turn-key investment, as I would own the note on the mobile unit, and I would not have to do any maintenance, etc as a normal landlord would.Everything sounded great on paper, but here's where a got overly suspicious:1) The one-page, loosely written contract he provided did not disclose any address or rental property infornation, nor were there any lease/loan terms or agreements set forth. 2) The urgency to close the deal.

A normal amortization schedule will take quite some time to chop down on 20% equity normally required if you buy exactly at market value.

Mine could certainly stand to be more systematized, but it normally includes a 5:15 wakeup call, cup of coffee on the way to 6 AM Jiu jitsu, bolt home to shower, meditate (Headspace and Sam Harris' meditations), prepare lunch, and I’m out the door.

This form will be an addition to your normal federal filing 1040.

Hi guys, is it normal for a seller of a property to tell you they cannot give you the exact actual rent figures because the property is managed by a third party leasing company who will not disclose the information?  

Is this normal practice?  

I also plan on "paying myself" that rent every month as if I were a normal tenant, simply to get accustomed to the accounting/ managing of the numbers. 

It is normal for insurance policies to be bound with an effective date of closing or date of auction win and then take a few days or weeks for the actual full policies to be processed and issued.

Unless you're a real estate professional in your full time job- then you may be able to take all losses against normal income