I'm new to the industry (few months) but have some valuable connections.

Ergo, when you subsequently sell the shares you would owe capital gains on the difference between your basis ($500) and the amount that the stock was sold for.Say, you eventually sell the stock for $1,700, your capital gains would be the difference of the "carryover" basis of $500 (NOT the $1,000 FMV as of the date of gift) and the selling price of $1,700; hence, your capital gain would be $1,200 - subject to the capital gains tax rate that would be in effect at that time.Again, seek out a competent tax advisor for further guidance.

You will take away many valuable lessons.

I would waste little time tracking down a loser.Our time is much more valuable creating the future.Franklin

Due to already having 2 mortgages other places they can't get a 3rd mortgage and buy at this time.You can find out the Fair Market Rent for your area or any area in the country by going to a HUD website,  www.HUDuser.org That is the average rent figures compiled by survey of actual rents, so you can see what average rents are.For New Castle County:eff     $8451br    $10032br    $12113br    $15154 br   $1686 This tool is awesome assuming I can get a property management company to confirm the round about estimates provided on huduser.org this is very valuable.

Try to attend a local REI meet-up to start meeting like-minded investors and making valuable connections.  

Your response and/or guidance would be greatly appreciated.Thanks so much!

I am just looking for some guidance.

I know I can use these methods, but was wanting guidance on what you think the best course of action I should take on financing a buy and hold property starting out?

@Chris ReidThanks for the valuable insight.