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.

The GC/Broker was providing vastly over-stated property valuations to justify the investments by EquityBuild and their investors, to subsequently be able to send the construction work to their sister company.

They are grossly misunderstood and subsequently miss used by the populous at large.    

As a final follow-up, please see my subsequent email correspondence with my tenant. 

I completed an informal pilot of the mentoring program, which I found very helpful, and subsequently volunteered to coordinate the Developers' Network.

@Joshua Dorkin HI Jarrod,Your concern seems to have two parts:1) DTI - debt to income qualification issue - you can either bring on a spouse for more income, rent out the prior house to create income to offest the prior home's payment, or other strategies2) VA eligibility for second and subsequent use --  If you're in a 417k limit area and you use 262 then that approximately means you'll have 155k or percentage use of the VA entitlement remaining. 155k / 417k limit or about 37.17% of a county's entitlement left.