That should only be true if you are classified a real estate professional or a "dealer" for IRS purposes.

Hi Everyone! My name is Brenda, I am currently living in the beautiful community in Maine. I am a Graduate of Interior Design, and started Developing Residential Property when the Decorating field washed up. I have...

Here is Brenda's intro threadhttp://www.biggerpockets.com/forums/55/topics/70685-designer-turned-developer-turning-real-estate-professional-in-maine

Made new contacts with several local financial professionals.7.

She is not refusing to deal with us- she is polite and very professional and careful not to burn bridges.

I have found infestations by observing only a quarter inch mud tube (all that was visible at that house).Now my advice: Make any purchase contingent on a wood destroying insect inspection and hire a professional and accompany him/her during the inspection.

As long as you have some sort of personal or professional connection to the lender (i.e. you didn't solicit them through advertising), and it's just a straight 1st mortgage, then you don't need any credentials or regulatory filings.

Dont include a washer and dryer but require a professional installation of tenants machines.3.

It works great for my building in Boston where the tenants are mostly 20 -30 year old young professionals.

My non-professional understanding of basis:Your basis is the purchase price, including acquisition costs (except any that may be deductible as expenses in the current year) plus the amount you spend on the property to put it into rent ready condition.