There are pros and cons between large nationwide banks and local ones.

The returns are outstanding.  

Everything looks good financially, however I've not sure what I should look for or how to protect myself from, any possible outstanding taxes or other liabilities that might be hiding out there on the subject acquisition LLC.

My name is Garfield Sewell, Im a realtor/investor from Lexington, KY looking to connect with people nationwide (especially those here in the Central Kentucky area).

@Logan Allec provided an outstanding explanation, and @Basit Siddiqi added couple good points.I just want to frame the bigger picture: the new law does NOT hurt ("hose", using your word) people who receive 1099-G for prior overpayment. 

Just to be clear, you are asking if you should (a) walk away with $20,000 or (b) take a multi-year 100 point hit to your credit and potentially be sued personally for any outstanding debts that aren’t extinguished by the foreclosure auction (depending on the rules in your jurisdiction)?

I was kind of headed in that direction just wasn’t sure if there are more local listings rather than the nation wide websites.  

Historically San Diego is almost a sure thing at producing outstanding ROI. 

(Although we do transactions nationwide.)It's been our experience that there are not many of folks like us out there since I have a pretty hot list of buyers (flippers) that anxiously await me to send a deal their way. 

FHLBC is available in Nationwide for $6000 down payment assitance.