Oil companies may also have a tie in with the equipment lease.The absolute best situation is to own the real estate, own the operating business, own the equipment, and have no long term contract with any gasoline provider, in a heavily trafficed location with no direct competition, and a high volume dealership.  

I work with a commercial lender that loans based on the property, not your income (no tax returns or W2's). 

My wife and I are in the starting stages of building our dream cabin on some family property situated between Black Hawk and Rollinsville! 

They don't seem 100% sure of this but say that it would be easier as I would have a federal Tax ID with an LLC.  

How should we go about doing this and how should we record rental income for the first year and record taxes?

However, you may need to discuss this scenario with a tax accountant to determine any tax advantage you may get using a land trust in this arrangement. 

I'd love to talk to other people in a similar situation or experienced REIs.

Boarding lots of pets is a different business model than human residential housing.Sorry to hear about this situation.  

Ok Stephen heres the deal i have to do the repairs and the payments are 1500 a month right now there are 2 apartment rented the first floor has to be done over complete to make it an apartment the two rents equal the 1500 the new apartment would bring in 1300 a month taxes are 5500 water an sewer are 1050 ins 2400 snow removal 500a year put  away 500a ayear for repairs the 1500 goes towards the principle theres no interest and the balloon payment in 5 years

I looked up the tax records and it's actually held by an investment LLC out in Cali.