A bit time intensive and not so easy to schedule around classes depending on the weather.John Corey

In my experience, this is TWICE the stated periodic rent.As ********** said, usually you will give a written notice prior to the expiration anyway, and you should be in communication with them scheduling a move-out inspection.

Barry,Maybe not is not the right time to start given the work schedule.

I may or may not be doing it correctly.Here is the info from the property:Financial Summary Proforma Year: 2007 Scheduled Gross Income: $89,100 Vacancy: $4,455 Effective Gross Income: $84,645 Maintenance: $8,800 Taxes: $8,015 Insurance: $3,500 Other Expenses: $5,925 Total Expenses: $26,240 Net Operating Income: $58,404 Debt Service: $49,500 Pre-Tax Cash Flow: $8,904 Expenses/Unit: $800.00 Unit Mix Information One-story units No.

The amortization schedule came with my Excel software back in the '90s.

$8 Total Units 207 Building S.F. 64,219 No. of Buildings 23 Land Acres 7.85 Loan Description: Estimated Annualized Operating Data Actual Pro Forma Scheduled Income $1,507,923 $1,547,923 Other Income $11,368 $11,368 Less Vacancy Gross Operating Income $1,519,291 $1,559,291 Less Expenses $518,179 $472,297 Net Operating Income $1,001,112 $1,086,994 Less Loan Payment Pre-Tax Cash Flow $1,001,112 $1,086,994 Cash on Cash Return 9.67 % 10.50 % Scheduled Gross Income Unit Est.

I DO start advertising before it is vacated, and schedule showings for the day after it is scheduled to be vacant.

He seems a little tight with info, maybe because he may not have it under contract, and thinks I might jump on his deal?

You would have to go through the numbers, but you have to recognize this as a sale and use the 1099-C as your proceeds and show your gain or loss on your schedule D.If this is a personal residence, then they may not issue one, but if they do, then you simply have the proceeds shown and the purchase price + whatever improvements you made and show a disallowed loss on the return.Joe

The best advice I could say is. . .Always continue to further your knowledge in REI.Get a job that can work around your school schedule and save up some money while you are learning about REI.Try and improve your credit score while working and going to school if you can.If you are going to school in a city that you plan on living in afterwards then do things that are important for REI that don't cost a lot of money.