(Plan to renovate this apartment to generate rental income of $2300 per month. 

Or should I move it to 30 year and generate some cash flow out of the deal.

A friend of mine, who is a CPA says that the IRS will look at my investing as a hobby, especially if I haven't generated any revenue yet.

It was interesting because there was a piano in the basement and some other random junk, but other then that the house was pretty clean.We decided to place an offer on the spot and I made a point to add that we would be more then happy to take care of any remaining items that the owner didn't want to be burdened with.

Rusty’s insights are guaranteed to generate questions you will want to ask him during the Q&A session.This is a must attend new year event for all CREIA members.Rusty Pulliam continues the tradition of creativity and vision started by his father, Winston.

Rusty’s insights are guaranteed to generate questions you will want to ask him during the Q&A session.This is a must attend new year event for all CREIA members.Rusty Pulliam continues the tradition of creativity and vision started by his father, Winston.

I'm going to run fast and loose with the numbers for my convenience.Given your assumptions, how can you either generate more revenue and/or reduce the expenses?

A super conservative estimate would say the property would generate $700/month per unit.

I now have several multi family dwellings, single family homes and a commercial building along with some random building lots.I joined the site because my very good friends Brandon and Heather Turner have been suggesting I do it for a long time but I never did and have no excuses as to why but I'm here now and am looking forward to all BiggerPockets has to offer.

Efficiently and effectively manage my three-unit so that it generates $200 cash flow per unit per month.3.