Lease Option Vs Land Contract
I am trying to sell one of my rental properties with a land contract. I had thought of using a lease option but I decided to go with the Land contract because the property will get a tax break when it is recorded. This is the first time I have tried this and would like some advice on how to set up the payments on it? The payment I need to get out of the house each month is 575 per month. This includes my PITI Taxes and Insurance. The primary reason I am doing this is becasue my taxes shot up and killed my cash flow this is the only way I can see to lwer the taxes and restore my cash flow. Any help in the process would be appreciated.
[addsig]
advice anyone?
do you pay taxes on the rental income? i thought the 27 and 1/2 year depreaction would take care of that.
maybe u owned it some time now.
if not, cant you take out an equity line/loan on another house and start writing in off to counter act, while growing ur net worth?