If you have never tried to quit smoking cold turkey, it will likely be a learning experience. Even if you don't successfully quit using this method, you may learn things about yourself and your habit that will help you quit on a future attempt.
After you've made a list of liabilities, divide them into two categories: 1  Liabilities that will be ongoing during probate -- these will be administrative expenses. 2  Liabilities that can be paid off in full after the probate estate is opened -- these are the decedent's final bills.
Determine the operating expenses of the property. This would include expenses for management, legal and accounting, insurance, janitorial, maintenance, supplies, taxes, utilities, etc. Subtract the operating expenses from the Gross Operating Income to arrive at the Net Operating Income. Using the example of a property with a gross operating income of $52,000 and operating expenses of $37,000, our net operating income would be: $52,000 - $37,000 = $15,000 Net Operating Income.