I thought I was creating the sought after "win, win" scenario we all want in Real Estate.

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To win at pre-foreclosure you just need to offer more than they owe and the bank will be happy.

And since they make the rules, the IRS wins every time!

If you approach this business with the mind set of stealing the seller's equity - you are not going to be successful - remember you are dealing with folks who have a serious problem - show some empathy first and you will win in the end.

That's the point of this strategy, its about finding WIN-WIN solutions for everyone involved. 

If you can afford to hang on to it, do some value add and be okay with less than ideal cash flow for the first few years, you should still do fine, but most people want that instant cash flow.

Hello Galen, I would highly suggest not trying to get super creative here and just form your own LLC, buy the property and put it in there, and write this one off as a win! 

Is there a third option I’m not yet seeing if I don’t win the appeal?

This way you have an instant increase in equity.