What if he declares Bankruptcy?

Just a minor note, if you loan your son $30k and they can't pay you back, if you write it off as a bad debt for tax purposes then I believe your son would have to declare the $30k as income and pay taxes on it.

I could have made it part of the rent and if unpaid as due, declared default.

There lease is up on the 26 this month and they just moved out on the 3rd.The tenant has requested to not pay rent this month because of termite/mouse problems and has declared the apartment uninhabitable.I know there are some pest issues but I get them treated every year.In their lease they are supposed to be responsible for pest control as well, (She says that is not legal, is it?)

Mike,You rail against the naive investors who do not know how to evaluate a deal.You now declare that other investors seem to be OK with lenders so you are not concerned about being shut off.Do you know Ed Garcia?

Your Nevada C-corporation or LLC must be registered in California, declare its income, deduct expenses, and pay taxes appropriately.

So, ya think if I pledge a 500K property to make sure you get your 25K loan amount, that you can declare default, foreclose, take the property, sell it for 400K and keep the whole thing?

They would first have to declare the loan in default, you would have time to respond, then file a complaint, schedule a court date, properly serve you.....this could take months.

Also, sellers are willing to do an Option of some sort until the Buyer can qualify and three of the four properties are in a Historical district and have been declared such.My question: Does it sound like I'm stepping into some mess?

All you have to do is Believe It, Declare It, and Do It!