Jonathan Satizabal
Purchasing properties with "illegal" units
Would you purchase a property in Chicago with a non-conforming or illegal unit? What are your exit strategies if an issue comes up? What are the insurance or legal risks? Would you purchase the property valuing it wit...
Chris Connery
Giving an S-Corp a 1099?
I have a contractor that is doing a $35,000 roofing and siding job on one of my rentals. I claim “Real estate professional status” for tax purposes. My accountant says that any contractor you pay should be given a 10...
Evelyn Jordan
No SSN, no CC, No Proof of Income
Hey BP People,I am currently screening tenant applications for a vacant rental property of mine and I came across an interesting situation. The applicants are a Hispanic family with 3 young kids; Mother is a housewife...
Michael Fenton
Questioning the viability of the Series 65 for accredited status
Background:
I am individual living in Florida who does not work in the financial
services industry, but has a background in finance.
There
are
lots
of articles out there that discuss utilizing the Series 65 as a...
Brenda Allen
LLC vs. S Corp for Wholesaling?
Hi All,Many years ago when I first started rehabbing and wholesaling, my CPA told me that the S Corp. was the best option for my business entity. I went with his recommendation, but now it seems like everyone I see in...
Tony G
sub chapter s corp
my partner and i have been talking to a cpa and he told us to start up an s-corp to avoid self employment tax which is at about 15% in minnesota. according to him we would 1) incorporate our business 2) file with secr...
Rhiannon Then
Illegal tenants and the law
What should I be concerned about legally if I inherit tenants that are not legal citizens?
I'm currently trying to verify the tenants citizenship status with the current owner, but in the meantime I'm trying to figur...
Christina Nalband
Help! Non Conforming Gone?!
I REEEAAALLY need help with a property I purchased back in February of this year (2021).I purchased a house in Tampa that has a main house in the front with a "mother in law" in the back. The house was advertised as a...
Ryan Monty
Illegal vs. non-conforming unit: differences in uses & Airbnb?
This is a few related questions in one:First, I want to check if my understanding on the differences here is correct?Illegal unit = you can't rent this unit. I mean, you *can* rent it, but if the City is ever alerted...
Bo Johnson
Prospective tenant going through divorce
Hello all,I have a very simple question. There is a prospective tenant (PT)looking to rent a unit. PT mentioned to that he/she is currently going through a divorce that has not been finalized. I AM WELL AWARE THAT IT...