Do I need a CPA for Lonnie Deals?

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Posted by Dave on May 12, 2008 at 09:19:58:

I'm really getting excited about a couple mobile homes for sale that I pass every day going to work. They have had little hand written signs posted in the windows for over three months and every time I talk to them they keep lowering the askng price. I think within a couple more weeks when lot rent is to be due again, they are going to part with them for the price I'm wishing to pay.

I'm wanting to aquire these and sell them Lonnie style where I finance and hold the note. My question is, am I going to need a CPA for this? I mean, if they give me $500 down, are those to be reported as capital gains? Then, how do I report the monthly payments? Help me out here guys!

Thanks!

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