Originally posted by @Stetson Miller:@Ryan Genson It may have been a mistake, but secondary home loans highly limit the amount of time the property can be used as a rental, and it would be mortgage fraud to operate as a full time rental.

This means that there is no longer a third party to collect fees or protect against fraud or miscommunication between parties - eliminating opportunities for corruption and saving buyers thousands of dollars in closing costs.

That's a tort called "fraud in the inducement".So all in all, not a good idea.

This is the perfect solution because it helps those in need, helps landlords and prevents fraud on the US government, so it helps the tax payer (you and me).

I also don't think you have to honor a contract where there is fraud involved but that is a question for a lawyer. 

Competition is high, but in reality, we're on a trajectory to look almost identical to Denver and Austin...i.e. everything in this city is sitting at 50% of value considering a 20-year hold = wealth.

However, since you're aware of the debt, and even if you weren't, if you didn't pay fair market value for the property, a creditor might claim the conveyance was intended to be a fraud on them, hiding an asset that could be used to satisfy the debt. 

But if I sold it all together, house with contents and contents not separately valued, I'm guessing none of it would be taxable (within reason of course/assuming absence of fraud).A similar scenario that might occur is when a house burns down.

But if I sold it all together, house with contents and contents not separately valued, I'm guessing none of it would be taxable (within reason of course/assuming absence of fraud).A similar scenario that might occur is when a house burns down.

Both sides are not identical.