You have to calculate at what clip your market is increasing percentage wise each month and then with mortgage payments monthly at what point in time likely they would intercept to getting even where you can sell and get out of the property.No legal advice.

Not looking for legal tax advice just general thoughts based on experience.

I know that gets a lot of people since many people aren't aware of the "experienced landlord" guideline so thanks for pointing it out since I failed to mention it.

Things like Legal, Accounting, Marketing etc. can all be things that you would want to account for even if just as a miscellaneous/fudge factor.That being said with that giant vacancy rate and pretty healthy maintenance line item the numbers look pretty solid.

As Wayne pointed out, a VOE verification of employment has the question on it asking the likelihood of continued employment.Next you have the ethical issue of saying that is your stated income knowing it won't continue;Then you have the legal issues, obtaining a loan by deception is fraud.The risk might be higher than you think.

Now technically, you get the judgment against them, but now you have to go get the legal process started again to collect that, even if you can find them, and even if they have the money to pay you.No doubt, NEVER turn off the utilities.

I was wondering if it's legal/ethical to work under your own company and a real estate company, or how that works.

You may have cause to sue Donald Trump or Warren Buffett knowing they are worth billions, but you'll never get anything because of the dynasty and land trusts and other legal vehicles used to protect those vehicles, of which they are merely the sometimes-beneficiary.

http://www.nolo.com/legal-encyclopedia/landlord-tax-deductions-environmental-cleanup-costs.html @Steven Hamilton II @Steve Babiak based on the article in the above link you guys seem to be right on about it being an improvement.

Most states have statute on the circumstances that allow "transient guests" to transition to legal "long-term tenants."