He researched the case for me & came back with this:-About 293k is owed to Wells Fargo-They appraised the property @ about 88k-Agreed to have the sellers re modify the loan to that price as long as they made payments of $1,700 for the 5 years-They will owe the house free & clear if they continued to make payments-However they can't & are in over their headsWith that being said, this is what the lawyer is saying is my option & I wanted to check in with the community to see if it's worth it or notA short sale-have the bankruptcy dismissed-sellers list the property-we sign a p&s agreement-bring offer to bankCould take 3-4 months or even longerThis would be my first investment deal & I still have to get quotes on all repairs, I started but am still working on it...Is this worth my time or should I place my energy elsewhere?

It is not uncommon for loans to be modified.

If you miss a good one then after you have the place rented go back and modify your criteria.

You have to depreciate rental property using the Modified Accelerated Cost Recovery System (MACRS) which is a set of tax rules for different asset classes.

The idea is to take the We Work shared office idea and modify it to specifically target companies working in the same arena.I'm seeking feedback from real estate entrepreneurs in LA and Orange County so see if there would be any interest in this type of space for real estate professionals?  

Once its all broken down you can depreciate the property correctly under the Modified Accelerated Cost Recovery System (MACRS) which would include 5 year, 15 year and 27.5 year depreciation for a rental property. 

Any financing to someone who will live in anything is offering financing and need to be licensed as a bank excepting a few narrow exceptions that state by state Safe act modifies.  

The concepts that intrigued me the most were non-performing first-mortgages, some of which can be modified using Hardest Hit Funds, and the second concept is selling partial notes on performing first mortgages to recoup the capital investment and get passive income from the back-end of the notes. 

The by-laws required three Directors; by definition one Director would not have an ownership interest.I agree with the recommendation to engage a management company, but I will modify that recommendation by specifying a Community Association Management company.

When applied properly, Modified Accelerated Cost Recovery System (MACRS) depreciation helps property owners keep thousands upon thousands of tax dollars in their own pockets.