I agree Buyer is entitled to any profit that may ultimately result from the subsequent resale of The Property. ________ 15.

But someone who has owned a piece of investment property (even one that accompanied a primary residence with the intent of holding and subsequently does only the minimum necessary to spin that off from a primary residence and intends to buy more property to hold for productive use would stand a good chance of doing a successful 1031.  

The clerk takes out their 1.5% fee, plus some misc fees, and you get credited the rest when it eventually sells at a subsequent auction, some how.  

My concern with the personal line of credit would be that I would go over the 30% usage of my credit and subsequently hurt my credit.  

This issue combined with an unrelated bad investment and her husband's medical issues and subsequent job loss - it really was a perfect storm of crappy things for her -  and she ended up declaring bankruptcy and sold her properties (she only had 2 besides her own home).  

The roof had a tree fall onto it, and subsequently the house has water damage and mold.  

I'm not familiar with Cali but if the s/l was 4 years for contracts and unsecued notes I'd put my money betting on 4 years.I'd weigh the option of proceeding regardless of the s/l as the borrower would need to bring that as a defense, I'd bet they don't if no payment was ever made.Another issue, if a payment was never made it sounds like mortgage fraud that is another category getting to criminal charges, the s/l will be longer, 7, 10, 12 years, not sure, it depends too if the original was an insured lending institution or a private individual.It also depends if the note was generated from an installment sale or was made as a cash loan, purchase or refi.It will also depend on whois in the property and if the property has been sold over the past 16 years, we just had an example of a subject 2 deal going sour with subsequent sales and that can limit your security if the note holder fails to act in a timely manner.Frankly, I wouldn't fool with this one, 16 years old, foreclosure notice gievn and never followed through, that's pretty much allowing the note to go stale and abandoning the claim of the amounts owed.If the maker of the note is still in the property and you can contact them by phone or in person, you might be able to negoiate something holding the fraud claim over thier head, forgive some of it and modify it back to life, but they need to agree and you can certainly bluff your way along to a point.

I recommend a cushion of at least $5k if you are going to own rental property (I learned that the hard way when the roof mounted central heating went out and the subsequent crane rental and a new heater took a serious bite out of my budget.)

·Property was inherited by current owner, but subsequently obtained LOC and currently owes $95,000.

Hence the subsequent LLCs then one can purchase separate liability policies.For this and other reasons, it's time to start a second LLC.