Welcome to BP, Dan.I doubt you'll want to be a bookkeeper, but the path I took, unknowingly by the way, opened some big doors.

Most here I doubt ever think about or realize how you will be viewed by other in your community or give much of a care about your reputation.

It is good to set up a game plan when setting up a Real Estate Investment business and if you have the passion there is no doubt you will be successful.

I see rehabbed houses sit empty with absentee owners no doubt hand wriggling and 10% commissioned prop managers over whelmed and too few renters.

I doubt you covered that in your agreement, for your default, if there is it would be as agreed as well as possible other damages, depending what was agreed to.They can certainly take the matter to court for actual damages, driving around looking, time, expenses, moving costs, etc, question is, would they, do they have any real expense involved?

While I do not doubt your statement is true Mark, I find it strange that in all my years of dealing with REO's, I have seen a number of times where highest and best was countered and after no counter response, magically the "other buyer" must have vanished as the bank called to state the deal was mine.Not sure how or whyt it happens, but I can assure you that it DOES occur as i have seen it first hand.

This will no doubt cost you thousands every year in extra property tax - especially in CA.

it may be difficult to collect from the tenant but with a good insurance company it may not be that difficult and it may be simpler to just have the tenant pay for that insurance, the cost is around $150 a year for the basic coverage, although I have no experience in submitting a claim for renters damages on a policy like this...I HIGHLY doubt that a tenant's renters insurance would cover damage done to floors by the renter's dog.What if the dog pooped all over the seats in the tenant's car?

Usually you go the title company to sign the papers, but often the paperwork is faxed or mailed to one of the parties to sign, so I doubt you being out of the country would be a problem.

Beyond the ethics, it really puts doubt into the minds of a buyer when they realize that they may have been duped into responding to an ad for a house that never existed.