I'll be honest I forget what the tax implication of it was and why our CPA had us doing that (We since dissolved that company in 2011 via our planned exit strategy. woo woo)@Steve Hamilton II can probably tell me why :)As for hourly earnings, I didn't quite mean I had calcualted an exact number in my head, again, that was probably the drugs slurring my clarity :D I know what I make per month, I know roughly what 'potential' contracts are on my table and therefore have a rough idea of the 'value' of my time, which I agree with Terry P. is good to know - if nothing else than as a measuring stick of how things are progressing and if there's need for change in strategy or if I am growing at my expected rate of returns.So there we have it, a series of slightly different ways to look at things.I was just saying that the actual value of my time is kept off the books.

Can you point to any property manager or rental business or CPA who calls gross income "gross cash flow"....besides Marquis?

I have a bachelor of science in aeronautical engineering with a minor in finance, I have a masters in finance, an MBA and I sat for and passed my CPA exam.

Spend your money on an attorney (to teach you all the ins and outs of landlord/tenant law in your target areas) and a good CPA.

I'd start there, and they can usually refer you to a CPA well suited to your situation - in this case with some expertise in real estate.

There is so much bad advice out there and on this site; it is hard to pick just a few...You need an entity before you start buying real estate.Entities protect you from personal liability.You don't need a lawyer (or CPA), you can use off the shelf forms from Staples or such and such guru for that.Stay out of the stock market.Stay out of real estate.Stay out of lending.Stay out of angel investing and venture capital.Quit your day job and focus on making your investing your job.Keep your day job and forget about that investing nonsense.Follow Kiyosaki's investing and financial model.

I have purchased appliances and not used or claimed them until the following tax year (After close) and then put them on a 5 year deprecation schedule as per My CPA's advice, the following tax year.I'd make pretty sure that You had a need for them, if the close fell thru.

@Tonya KerstThere are many opportunities in the business of Real Estate:Realtor, Broker, Loan Originator, CPA (Real Estate Focused), Attorney (same), Inspector, Contractor, Landscaper, Investor (and all that encompasses).

I usually do taxes by myself but open to going to cpa.

Anyone have a CPA in Northern Oakland County that has experience with REI?