If they are not declaring their income on their tax returns they are tax cheats.

Initials: _______b.Tenant agrees to pay for clearing the sewer drains of the Premises of any and all stoppages, except for those stoppages which the Landlord will agree were caused by defective plumbing, tree roots, acts of nature, or which are declared in writing to have been so caused by the plumber or other person who is called to clear the stoppage.

If the state declares it a credit transaction, all federal laws that apply to credit transactions apply.This means, because it is a residence, the SAFE Act applies which means you will need a licensed MLO on the payroll of your state licensed lending operation.You will also need a Compliance Management System geared for a licensed lender and a qualified Compliance Officer. 

I won’t go into those here.And in Florida and OH and CA, you better be an agent to do them or the Dept of RE, who supervises agents will bring a “cease and desist” letter on your business activity.So, seriously, get licensed and declare you are acting as a principal.But the drill this thing down, if you advertise for a house that has a problem, you have flexibility in your solution.If you are working full time, use a service like www.PatLive.com to live answer the calls.Rules of thumb:If you are licensed:A pretty house with 90% loan-to-value, good school district, that might be a lease to own or subject to or a wrap.A pretty house with 80% loan-to-value, good school district, that might be a listing, a lease to own or subject to or a wrap.A pretty house with 50% or less loan-to-value, good school district, that might be a listing.An ugly house with 50% or less loan-to-value, good landlording area, is a good wholesaling deal.And an ugly house with 80% or more loan-to-value, no equity really, that’s a short sale.Don’t be a one trick pony, be a transaction engineer.Give the seller cash offer (which that usually hate), but you’ve got to give it to them, and2 terms offers, a sub 2 and a lease to own assignment, or owner financing._________________________ Books I think You Need Now To Build a “Cash Or Terms RE Business”“Awaken the Giant Within” by Tony Robbins gets to your real motivation.

The buyer's attorney is asking me to fill in an "Asset Transfer Tax Declaration" form.  

I have read the declarations and bylaws 3 times.

You might need to build the team out a little bit to flex your muscles!

If the condition worsens, you're duplex may even be declared "condemned."

Here are the details of my first offer and what is was based on:5 Units (all rented) = 1,9951 House 2/1 (rented) = 650 7 RV Hookups @ 350 (3 rented) = 1400Expenses = 14,400 Asking: 249,000Declared Gross Income: 55,200OFFER 1 (Based on above)-Owner FinancedPrice: 240,000Down: 20%(48,000)Interest: 8%Terms: 10 year balloon on 30 amortizationReturns: Cash on Cash= 28% Cash Flow= 1153Reality5 Units (all rented) = 1,9951 House 2/1 (rented) = 650 7 RV Hookups @ 230 (3 rented) = 690Expenses = 14,400 Asking: 249,000Actual Declared 2014 Gross Income: 37,364Actual Declared 204 Expenses: 34,367Given this information the expenses are obviously bloated, the utilizes are not meter separated (where 50% of the expenses come from) and the rents are below market so my question is what should my next offer look like?

Lenders, however, won't generally classify it as an investment property for debt to income ratio purposes until there's 12 months of seasoned rental payments or more AND it's declared on his tax return as an investment property.