I see people doing them in florida, then realize they still have to do a complete foreclosure and get upset about it because they followed some guru or bad advice here on BP. 

=P@Matthew Kwan@Carlos Valencia Realizing the possibility that I may have to use both is VERY real.

You should have realized this early on because for them to pull permits you need to have a written contract with that buddy who pulled the permits.

Yes, that's going to make it a lot harder to find a deal that works, but better to do that than realize you're underwater on something.And if you happen to expand your search and are open to Detroit, I'm happy to share more info on that market.

If I look at ROE, I might realize the house has appreciated and I can take that equity to get a better return by selling the house and investing in another property elsewhere. 

Benefits:-Beneficial tax implication since you won't be realizing your gain.

The requirement to accept Section 8 does not mean you have to accept his lease violations.I suspect he shopped around and realized he couldn't afford anything else, so he's desperately trying to stay.

Put in LLC so you can realize the benefits and have the protection of the LLC when liability comes your way 

Just realize you are playing a game that can come back and bite you.  

If you realize profit, sales price - purchase (and some adjustments for closing costs and capital improvements), you have taxable income.