As far as being a burn out (fire damaged) lots of rehabbers like these types of properties.

I’ve been burned too many times in the past to know I can’t be making emotional decisions.

The areas that experienced the largest property value drops (and thus have the greatest deals now) are the areas where the local banks have been burned the worst, and these banks are under pressure from their regulators and their own Boards, and have either completely withdrawn from investment property lending, or are severely limiting it.You would also be well-served to cultivate some private lenders, and disintermediate the banks out of the picture, as they're just a PITA.

This is not taxable income.If it is on a rental property than he needs to spend the total 13k replacing the property within 2 years of the year the insurance paid.So if the property burned December 31st, 2010.

I remember reading sob stories in the paper a few years back about people who were being foreclosed on when they should have been burning their paid off mortgage.

Never obtained a GC license(due to unwanted liability) and Built 44 custom spec homes in UT and around 50 in other States.

I am about to get the deeds for 2 and I am walking away from the other one because it burned down.

Most houses in my local market I see listed with a REO broker look great in pictures- when I go look in person most are trashed and stripped, some are even burned out.

Next hard rain watch gutters around you to see how many are running in unwanted areas.

She is not refusing to deal with us- she is polite and very professional and careful not to burn bridges.