Another thing to consider when for going "off-market" ...  

In college however I had one motivating factor for going to college and that was to move to japan (because its freaking hard to live there long term w/o a degree).

They give you a song and dance that it will take x dollars to make it rentable , when they have no intention of putting one red cent into the property, RTO it at 20 x or more of what they paid with a contract from you know where.

@Bill Exeter   Good points, thanks for going into specifics since the first part was a little hazy, it would be somewhat lost if these other actions weren't taken or even known about (or differed in a 1031 case).  

I've been reading the blogs, forums, and listening to the podcasts for going on 3 months.What got me started was a house I was looking at when I purchased my personal residence.  

I have been a home/remodel designer for going on fourteen years.

Thanks for going over that. 

He has since moved out and his house has sat vacant on the market for going on a full year now.Is there anything in this situation where i can help him out as a friend and an investor?

He has since moved out and his house has sat vacant on the market for going on a full year now.Is there anything in this situation where i can help him out as a friend and an investor?

Possibly even forgoe paying insurance (self insure).