I realize setting emotion aside when it comes to personal residence may be difficult but can be important too.As for the tax advantages, I HIGHLY recommend Mark Kohler's book "what your CPA isn't telling you" for better understanding the tax benefits and some really great strategies for owning a rental.

The best thing I can see to do is to buy the property subject to his current financing, or agree to purchase on contract at 105% of market and try to wholesale the deal as an investment.He just doesn't want the mortgage payment anymore and wants to cut the emotional tie he has with the property.

There is no emotion to it whatsoever.

Of coarse a seller will alway over value the house due to an emotional connection.Then when you go out take a repair analysis sheet with you and market down all of the repairs through out the houses.

Example is if I am at 80% LTV on asset I may be at 1.35% DCR but to go to 85% or 100% LTV if permitting, I would personally need a much higher DCR depending on risk as viewed from a market and property level, as an example I would atleast 1.50%-1.75% DCR.Some people may look at it like the above with Debt Coverage Ratio (DCR) on the individual property level or they may look at it from DCR as global cash flow perspective with all personal income, business income, properties, notes, and other investment cash flows or cash flow activities net at the end of the day and stress test that to make sure the debt provides enough mental, emotional, and financial safety for the given increment of additional risk by borrowing X dollars.I would love to hear other views on how debt is managed or how debt preferences are formulated.

We decided it because we wanted to cut emotional ties so we could move forward.

You can find that a seller is moving out of town and arriving at a new place in say 45 days, offer to match the closing date or a few free days as a hold over moving out.If they are going to rent, and you have another place cut a deal in the offer if they would be interested, the listing agent should know what the plans are.Find any problem the seller may have and solve the problem is the easiest way to put it.Work with the listing agent, if properties are moving at 20% above the asking price, make your offer in line with the market to begin with, really want it with your emotional side, heck, it's only money!

Divorces can be an emotional train wreck, and you won't care too much about your rent if you're going through a messy one.

I am back in escrow at a lower price and due to the long hold time and lower accepted sales price,Mathis project will be a loser financially and emotionally.

The main reason in my opinion is that most real estate is sold on emotional attachment to a property.