I use a separate bank account for each property, so my bank statements become my profit and loss documents.

the agreement must spell everything out... all responsibilities, who does what, what you're both contributing to the venture etc. make sure its in compliance with current state laws. get it notarized. get a separate bank account & EIN from the one you may already have. good solid friendship or not, business is a different world. kudos,Mary 

Congrats Account Closed .

I have owned a house there since 2003 and its actually depreciated in price if you take into account inflation.

Putting your money in a savings account at 1% when inflation is higher than that?

I caught the loan up and gave seller a little cash.Mark sure when you get authorization to speak to lender that the authorization is full access, meaning you can speak to the lender regarding statement mailing address, insurance, impound account, etc.

@Michael Plaks is your man for accounting and tax in Houston. 

Would that be a good discount you'd expect accounting for title issues (95k all in on a 180k ARV is still 50%)?

this is so so helpful @Jason White, @Joe Splitrock, Account ClosedI am really new at the whole RE business, not to mention the fire, and the fact that I am thousand miles away does not help either.I thought that I am at the insurance/ adjuster's mercy, but now I know that i can actually try fighting their decision if needed.

Originally posted by Account Closed:Good evening!