Then a few months and a few k to fix, then and only then can it start making you money.

The place I am looking at could be had for 45K needs 20+/-K to rehad and would make a quick sell for 95K. do the numbers sound like they would work?

I also won't rent to people with words tattooed on their fingers (one guy had K I L L tattooed on his fingers) or people with tattooes on their face.

Peter K.

I see places like Detroit or KC where houses can be had for a few 10's of K.

The IRS is pretty clear that you cannot rent from yourself or your spouse and I think a judge would look at the asset as clearly a liability protection scheme (aka not running as a legit business), pierce the corporate veil, and not provide you any protection.It's fun to start LLCs, but it's also expensive and time consuming to maintain properly (separate accounts, K-1s, 1099s, accountants...) just to provide liability insurance.

With a refi, in Florida, they are likely going to seek a deficiency judgment unless you get it negotiated out as part of the short sale. if you can get them to write it off instead of seeking a deficiency you will likely see a 1099 for the write off amount.I think your central question is flawed in asking if they would just do a write down of the principal and let you keep the home.

Let them off the hook for the deficiency judgment, and let them get on with the life they could afford.I daresay most people in this position knew exactly what was happening when they took these loans.

The lenders can slap you with a deficiency judgement for whatever they aren’t able to collect from a foreclosure auction.

= ) j/k but Josh you make a very good point.