I may have sounded a bit harsh, but geeez, thoughts get pretty wild here. :)

It seems I misunderstood you, sorry for the harsh response.

You also have to consider that many of these cheaper houses are very old, and Indy has some harsh, harsh winters, unlike any that we see in CA.   

That's pretty harsh in Maryland.

First thing is I think it would be kind of harsh to say someone is an "idiot" for getting in an overleveraged position.

I actually called Citi Mortgage this morning too and was told that they will only do #5 - #10 if it is a primary residence, not an investment property. ...That sounds SO retarded - like anybody (other than some movie star / jet setter) would need to live in properties 5 through 10 ...When you talk to them use the idea I'm pointing out, just don't word it as harshly!

That may sound a bit harsh (which it is not meant to be) but if you enter into contracts in a country where you don’t speak the language and won’t/can’t learn to speak the native language to a bare minimum standard, you are taking additional risks by doing business knowingly and cannot come back later and say you didn’t understand.

There are generous credits and deductions that most likely will reduce the federal tax liability; however, the tax is upwards of 40% and estate tax could be different (more harsh) for your state. 

Kind of harsh words, but you are not any where near the credit risk at 650 than 720 in the banks eyes.

Some of the responses are harsh, but they are eye opening.