Cost: $43,000 (foreclosure) 20% down payment: 8,600Closing Costs:  not sure Repairs: $10,000-15,000Yearly expenses: (I got these from Zillow since I wasn't sure how to estimate tax/payment etc.  

On it, they will provide their taxpayer ID as well as classification. 

Now, I am not one to risk big $$, but IF I were a gambling man, I would jump on the condo (at 50% on the dollar of course:), get the place cash flowing, and if FEMA steps in, you just doubled your money thanks to the American tax payer.

@Gerald Marshall, The rule for a successful 1031 is that the tax payer for the old property must be the same tax payer as for the new property.  

After doing some research my understanding is in this case "Canadian corporations receiving dividends from a U.S. subsidiary will not see them taxed when they're from an active U.S. business, or if the U.S. corporate tax paid would eliminate any Canadian tax payable."

@Michael Strobel,  A change of tax payer immediately prior to a sale opens up that transaction for the IRS to question "investment intent" of the new tax payer. 

It would encourage more savings and less consumption, but it certainly affects lower net worth taxpayers...

Rich Weese,No he MUST spend at least 750 in the real estate trade or business.Real Estate Professional In A NutshellBeginning in 1994, a real estate professional may treat rental real estate activities as non-passive if the taxpayer materially participates in the rental activities.[2] The material participation requirement applies separately to each rental activity (unless the taxpayer made a timely election to group all his rentals as a single activity).

Chase and Wells Fargo are big in Denver, and i wanna say that even they are trying to pass a bill that the federal gov can't use tax payers money to go after states rights.  

So Rochester, NY colleagues with property within the city . . . what are your thoughts on the recent news that the Mayor expectes owners/landlords the responsibility party for removing snow on sidewalks, regardless of what the lease states re sidewalks.I know it's similar to the issue of high grass, and I"m sure the city is quick to target the owners (i.e. tax payer) because it's simple for them to levy fines and add it to the property tax, and then leave it to the owners to take the issue up with the tenants.What's your plan of action (if any) as a result of this news?