Sold comps on a 2/2 in the same complex from August of 2012 (ugh) sold at $115K which would make the target property around $108 a sq ft (but it has only one bath and I don't know how to account for that in the comp - what is the "value" of a bathroom).I've stayed away from really looking at condos because of the HOA/condo fee involved and being subjected to the whims of the condo association, but I don't know if I should do that or not -- am I blowing opportunities by doing that.

These are all legitimate business expenses but I'm unsure as to whether or not this would go on my schedule C expenses or if I would have to file a 1065 corporate tax return.

-Hedge funds leaving Vegas-New/higher home prices combined with lower rental rates causing lower CAP rates and cashflow-The 80,000+ homeowners that are in default-The spike in NOD's being filed (Las Vegas is currently the 2nd leading city for NOD's being filed.These are just a few of the factors our local market is currently facing.

Ussually I type that up once and save it as a txt file in case I need to retype it.

But the stress involved seems like much less too.I'm interested in real estate groups in Nassau County to build my network as well!

That being said, you can weed out a number of tenants with a simple, organized screening process before they ever get to the application stage - this goes a long, long way towards minimizing the amount of work you have to do.As far as explaining the costs, you just have to tell your applicants what you said yourself - there are expenses involved in screening.

Another thing the IRS will look at is whether you actually filed Schedule E for the property.

Don't think there is no competition in small towns.Larger cities will have more people involved in RE, the competition may be more sophisticated, bigger players, more inventory but more feeding off it too.Smaller towns usually have slower turn over, a property that's difficult to sell is easier to buy.

Have downloaded some files and am in the process of customizing and combining them to fit my needs.

I am more involved in new construction, and don't invest in fourplexes, etc.