All your operating expenses are also deductible.

An LLC is a right choice for Rental Real Estate activities, but not for Rehabbing or a flipping operation such as yours.Joe

After 2 hours at dinner....on the way back home, my wife was demanding that I get on track to doing what this guy has done....which is the path I'm heading down now.

You would want to keep track of the location of business activity by state so you can file the proper state tax forms when they are due.Originally posted by "mills014":3) I am married.

You made a very common mistake by ommitting many of the operating expenses.

If the owner has moved on, then if you can track them down, they may be a better prospect.

We have just recently changed it to a “sales page” style layout and are testing it now to track the results.

You can deduct all your actual operating expenses, all the mortgage interest, and the depreciation from your rental receipts.

Throughout the United States, operating expenses run 45% to 50% of gross rents (gross scheduled rents).

at that level of investment, your renters could buy cheaper than you could rent it to them after you factor in your profits and operating expenses....