Hello,I'm Lulu, a total newbie, kind of got forced into this as the market crashed and we couldn't sell the house for a profit and my SO got transferred to a job 80 miles south of where we were living.

Even if the market crashes and you are underwater all that means is you can't sell.

Usually when people start converting apartments into condos it is a sign that the housing/multifamily market is about to crash.

You're definitely getting a CRASH COURSE in landlording.

Problem is he had put his house as collateral for another 400k for his construction business before the market crashed.

The market crashed, and I got stuck with 2 VERY upside down properties!

Those areas ae always the highest in demand, and the prices now are still low compared to the high point pre crash.

After the crash of 2008 that probably took alot of us out of business I am currently a licensed insurance producer in the state of Illinois.

not literally. i dont know if there is a different way of wording it....basically, he has 80k left on his mortgage. the market crashed and now the comps are running about 65k (without looking at repair costs)he really just wants to get rid of it. but is this something i can work with?

Before the crash, Joliet annexed a LOT of land in Grundy County but the crash put a cork in development before most of it came to fruition.