Thank you all for the replies.So for the most part, I shouldn't worry too much about borrowers filing bankruptcy after I purchase a NPN correct.

What I am hearing you say is that depreciation can be used to reduce some of that tax.Do I have that correct?

And I agree, the knowledge gained and learning his system will be good learning tools for the future.

I am from Montreal (although I have been living in Los Angeles for a while) and you are definitely correct!

Is that correct?

. $458 for three empty units.Now, I know I would have needed to pay some charges for electricity, but between the three it shouldn't have been more than a $50 for using the power tools and heat on the few days that I had guys working there.So here's the lesson: TURN OFF YOUR HEAT WHEN NO ONE IS THERE.

Correct me if I'm wrong but isn't making sure everything is up to code part of the due diligence in buying a property?

One of my problems is that our local REIA seems to be inactive and defunct here in Tallahassee (if I'm wrong anyone please feel free to correct me and let me know where they meet!).

It was complicated by my original title company being bought out and all the people left.In the first instance, the title company paid the liens but Dallas did not credit them correctly.

Take advantage of the vast resources I've found here on Bigger Pockets--articles, tools, and connections with others.2.