The real wealthy people are quiet, unassuming, running their business and not their mouths.Keep networking, educating, and growing.

The idea is simple: purchase a property, live in one part, and rent out the rest to offset your mortgage or even generate profit.

In the meantime I would love to have some helpful information or ideas to share with the buyers when we meet and ideally an agreement/contract we could fill out together once new terms are agreed to and then share that with the attorney so he could draft up the formal instrument for recording.If you have experience with this type of scenario, I’d love to hear any recommendations you have or any helpful resources you could point me to for the appropriate paperwork.Under foreclosure laws, you have to send appropriate notices and try to work with the borrower and offer a loan mod before foreclosure anyway. 

I know there is no one right answer and some variable, but looking for ideas/advice. 

Over the past 15+ years in this business, i have seen the good, the bad, and the ugly. 

I own the property free and clear and i use the equity as part of my business line of credit.

So if you are in a 30% combined tax bracket you get an additional $3K due to write offs.If it is a rental, you can write off the business expenses and the depreciation on the non land valuation. 

This is a business.

Cost of doing business.

Holding company typically if you have multiple companies like a property manager, own property and other businesses. you will end up spending more per year on accounting and state stuff than what you make on your rentals.