About two months after property was handed over to this PM.Owners should NOT have to play private investigator to find out what the hell is going on with their property.

But, also don't forget to add into your basis things such as legal and recording fees associated with the purchase, abstract fees, survey charges, owner's title insurance, and some other items (see IRS pub 527 or 946).

The IRS publication that goes through these taxes, Pub 598, specifically excludes Rents from UBIT.

And if anyone here knows that this is illegal out of the gate it would save me the time (and possibly money) investigating it further.Thanks again for the replies.

Funny thing just talking with an investigator/auditor from the Real Estate Agency and he reaffirmed that if you don't actually buy the property that you can't reassign the contract as is typical in wholesaling.

It becomes a difficult decision at that point requiring further investigation.

There are numerous ways to do this; some examples: social security card, income tax return, annual social security earnings letter, pay stubs (sometimes, and sometimes only last 4 digits).I prefer lower credit scores because I think tenants with lower scores will be tenants longer rather than becoming owners.Then there is this:http://www.consumersunion.org/pub/core_financial_services/004801.html

.- Since Steve knew that other 3rd floor apartments have the water heater in the unit, he asks Frank to investigate this while he's there.- Frank looks around and confirms that there is no water heater inside 3rd floor unit, then leaves.I guess I'm just going to have to suck it up and pay for both water heaters.

http://www.irs.gov/pub/irs-pdf/p946.pdfPage 103 is the start of the CLADR tables which is one of your best resources for looking up the recovery period.

Take care and investigate issues in your area.