Connect via email if you want the scoops.

@Tiffany Jones I recommend you incorporate in Delaware and then register as a foreign entity in the state you want to do business in, this is where the most benefits are via "corporate veil".

This keeps your son at arms length from the transaction and prevents any prohibited transactions.Upon completion of the rehab, you lists with a realtor at $$265k for a quick 30 day sale and teh IRA gets the price from a buyer.All closing costs, holding costs (utilities, insurance, taxes, etc) must be paid from teh IRA funds via the direction of investment form.

I am quite happy for anyone to get in touch with any help through the forum or via PM, email : [EMAIL AND PHONE REMOVED] Many thanks for reading this post in anticipation of any help anyone can give Regards Steve

If a property was purchased say at $50,000 and then sold via land contract at $ 90,000, assuming everything simple, and there is a capital gain of $40,000.if the land contract is for a period of 10 yrs, and the seller is recieving yearly payments of principal and interes.When does the $40,000 capital gain tax become due?

The good thing is you are located in Illinois,I am guessing you dont have to pay a Franchise tax which is not dependent on Income, but a priveledge for been allowed to do businessin the State....California is an example even if you have Loss, an LLC MUST PAY $800 to the Franchise Tax board every year,for that priviledge, however the income correctly will be pass through via a K-1 to your 1040 return

If she is responsive via phone though I might follow up with another call and ask her where the rent is at, or if she was planning on leaving.

Basically you will have to personally find these deals via your own marketing.

We were looking for a city with a relatively stable real estate market and relatively low home values, which tend to equate to better cash flow if you choose to be a landlord.After looking at about 30 cities, we chose Pittsburgh because its economy is based more on health care and IT, which are somewhat stable compared to banking and finance, for example.Before we expanded there, we knew ... 1) median home values were nice and low at about $109k, 2) home values never went sky high, so they're not likely to fall as much, 3) the economy is pretty stable, 4) it's best to buy rentals for cash flow as opposed to the fix/resell model.After we expanded there, we learned ... 1) the # of active wholesalers in Pittsburgh is really low, 2) it's very difficult to get motivated seller leads via PPC there, and 3) we have to work harder to get members to sign up for our website there.So overall, it's a good investing climate, but there's not as much investor activity as there should be.

Then you would expense it all as a cost of good sold transaction, when the property is actually sold ...My general guideline is if I cannot come to conservative confidence with myself about what I am doing, via what I learn through Turbotax and reading IRS guidelines , then an accountant is a must ...BMR