Thanks to all, Richard C.

Pretty amazing watching the C-17's doing low fly over's...

Cheryl C, indeed this makes me a little nervous.

The income and expenses for this LLC are reported on Schedule C as if the LLC did not exist.

Redirect to something like "do not talk to investor about your property until you have the following information in hand: a) b) c)..." is a great way to 1. buy you time to contact them, 2. get them away from looking for another investor and 3. get you the additional information that you may actually need.Another thing that Jason was right about is unfocused marketing campaign.

There are cons as well right, high crime rate, and an inconsistency in neighborhood class ( you'll have a B+ area two street from a C-). 

Otherwise, not necessary)Mortgage PayableTenant Security Deposits HeldEquityTotally depends on your structure, but could be:Owner Contributions (for sole prop)Owner Draws (for sole prop)Member Contributions (for LLC/Partnership/Joint Venture)Member Draws (for LLC/Partnership/Joint Venture)Capital Stock (for S-Corp or C-Corp)Additional Paid in Capital (S-Corp or C-Corp)Shareholder Contributions (for S-Corp)Shareholder Dividends/Distributions (for S-Corp)Retained Earnings (all forms)If a few number of partners/members/shareholders, then one Contribution/Draw account per person/entity.  

Irvine's housing market only corrected 15-20% during the last down turn while the surrounding B or C neighborhoods like La Habra and Santa Ana corrected 40%.

A. unless there is already a section 8 tenant paying it in this house, dont count on it happeningB. the repairs are more expensive than expected, if they arent....the neighborhood is garbage...which also means.......C. section 8 tenants wont rent here because they have better options.D.....the "section 8 rental is 1245-1500" line is a catch to get someone like yourself to buy a house like this.

The fact is that areas like ours are critical to making their silly plan work b/c of the burgeoning commercial development that has begun in our area (we are also 3 miles from EAV, did I already say that?).