It is not a quality asset if it doesn't have more substance to the file.

You don't; need a whole book really- all you need is:1) Figure out your income tax bracket 2) What Jurisdiction offer the right Tax Incentives that will drop your tax rate3) How to set up the right entity in that jurisdiction4) How to legally route the money through that entity through "form and substance" as approved by the IRS5) Get the right attorneys to set you up 6) Get the right Tax Advisors to file your taxes and voila you can go like me from over 40% in Tax per year (because I make a substantial income from rental and flipping) to 15% flat due to some tax incentives being offered by Congress through the US territory of Puerto Rico.

Has the Property ever been tested for radon, lead, mold or any other potentially toxic substances?

NC has regulated some abuses (e.g. lease option abuses) but let the market decide their fate, both in name and in substance.

I refer to this as a "cash like substance".  

"Form over substance"Inflict pain?

awesome thread, that actually has some substance to it.

There are the local REIA in our area which may or may not have good substance during a specific night.

As the LLC builds up cash it starts to have substance so more conventional lenders will consider lending to it.Also note that many lenders who do lend to an LLC figure that as the LLC is a company the loans should be made on commercial terms.

Thanks John - it looks like he was using the site soley to promote his vacation properties . . . all sell and little to no substance.