Our agent leases them out for us, we payhim, and we do the rest.

) He gives an unofficial estimate because he isn't allowed by law to give an official one. $12,000-15,000!!!

I see lots of pictures, but appraisers and inspectors (paid by the buyer) do the official inspections.It's funny you know.

That sounds to me like a 30k project, stopping at the new kitchen...the rest is too general to estimate.

:goofy: Believe me, some days, I just want to find properties and get paid, and not deal with the rest of the business, marketing, relationship building, partnering, etc..Granted some locators use this to start and that is great.

The kid has decided that a golf career isn't for him, so he is leaving the school & the condo.The family has not called or written me to inform me of this, I found out via my son yesterday, that he was leaving next week and doesn't plan to pay the rest of the lease.

I don't take the rental income, withdraw mortgage, and then withdraw the rest as a part of net operating income.

So if you purchased at $1,000,000, and now the property is worth $1,500,000, the IRS will allow 10% of that $1,500,000 to be depreciated ($150,000), while the rest cannot since it goes to land value.

The rest of the money to buy will come in the form of a first mortgage and a second.

Then how are you going to continue to get the rest of the stuff done?