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Like any other rental agreement. The cond corp provides protection in case you rent out your condo? Mine doesn't... You can get a standard rent/lease form for property rental in any office supplies s …

revised after your edit You'd be potentially earning $8-10K a year after property taxes (before income taxes), and getting the balloon payment in 5 years. Add to that maintenance fees, you would have …

This is business as usual, except that you need to keep in mind that the corporate entity is separate from the individual. As such - all the background checks and references should be with regards to …

You do not value the house for tax purposes. You don't need to. You know your cost basis exactly, to a cent. Nothing to value. This is how it works: You bought it for $150K in 2004. You converted i …

Generally when providing reference it would be best to refrain from matters of opinion. Did the tenant pay as agreed and on time and covered all the damage caused? That's all you can answer without ri …

Americans are snapping, like crazy. And not only Americans, I know a lot of people from out of country are snapping as well, similarly to your Australian friend. The market is crazy hot. I'm not famil …

I believe you can, under professional fees. To be sure, you should ask a professional tax preparer or tax adviser (CPA/EA).

Technically you can, but it would not be practical. First legal issues - you'll might have to register yourself as a rental service, not just a private landlord. Companies usually don't rent from pri …

You should get a proper tax consultation with a EA/CPA licensed in California (and KY would be good, however its probably rare to have a CPA to be licensed both in CA and KY). This is not trivial at a …

Your taxable income is the net of your rent income minus all the rental-related expenses and the depreciation. It can be positive or negative (for high-cost low-rent producing property - depreciation …

It doesn't go on Schedule E at all, it goes on form 4797. The fridge should have been depreciated, over 5 years. If you sold it after 5 years, all the proceeds are taxable income taxed as depreciatio …

Generally, banks will not lend to "rental" LLC's, you'll have to cosign the loan personally. So for that matter LLC has no benefit. Paul mentioned the "due on sale" clause that is present in most curr …

The money your tenants spent on repairs and maintenance that is otherwise your responsibility is considered rent paid to you (and deductible to the extent you can deduct maintenance expenses, provided …

That may become complicated depending on the State laws. In some States (California for example), LLCs are taxed on gross receipts, so you'll be paying taxes on paying money to yourself. In other Stat …

So either scenario has about $10K upfront costs (either realtor/selling expenses or fixing up for rental). Furthermore, I'm sure that the buyers would want you to fix all these things anyway, or reduc …