definitely read hip hop to homeowners by jay morrison it's for free on his website just google his name and the free down load is on his website this book is definitely an amazing starter also read rich dad poor dad and watch videos with Robert kioysaki as he's very knowledgable regarding real estate another would be donald trump but not him his father feed trump and all of his success 

Is that under the IRS radar or is it simply self-employment income?  

From the feedback I get these days the counties are getting kind of prickly on the overages claims by un related third parties.And that was what I thought I did not think anything but IRS or State tax liens survived a CA Tax sale. and the only way to unwind one was to prove that public notice was botched in some way. ( which happened to me one time)

It's not the same for "high, high" wage earners (those above $150K per year), thank you IRS/Govt. for taking away the depreciation deduction for high-wage earners (NOT!)

I seem to recall reading that that even if I cannot collect the debt, which is very likely, that at some time in the future when I forgive the un-collectible debt, it will be recorded as an income against her by the IRS.

I guess I should have hopped on Bigger Pockets to do what you did and just ask lots of people at once.

It you paid 439K (divided by 27.5 cause the IRS assumes it's worthless after 27.5 years) then that's 15, 963 every year you will get to write off on your taxes.

Some things I forgot.We would be doing a conventional loan, I think we can get around 5.5% IR, 20% down brings monthly mortgage payment to around $910 monthly.  

Tenants doing repairs or improvements in residential effects IRS requirements, depreciating part of a property as you are required to do means, if you didn't pay for it, you have false claims on your taxes if you did declare it and false returns if you don't adjust it and no residential tenant can deduct such costs, commercial tenants can.Again, Rent-To-Own is described in Dodd-Frank, it is a dead strategy as it has been done in the past.

If you hold property in the U.S.A. directly from Canada, you will have to repatriate the earnings which translates into paying the withholding tax (30% in most instances) to the IRS and then paying the delta, between the amount withheld and what you would be taxed in Canada on the full earnings, to the CRA.