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

For example, you have a subS that filed for a six month extension in March and you will not get your K-1 until the deadline in September.

Per the seller's addendum (seller is a bank), I can get out of the contract in the event an inspection finds 'material deficiencies' if I provide seller written notification along with inspection reports.

Even those buyers who target vacation properties have become much more conservative with their finances as the costs of maintaining such properties and dealing with a deficient number of prospective renters has made would be owners wary of owning such a property in these troubled economic times.

He defaults after paying 20 k of it off.

K, I agree with you that it is a crime that the middle class is paying to bail out the fatcats on Wall Street!

deficiency judgment?

If you'd like more information on HUD's Teacher Next Door program, visit http://www.hud.gov/goodneighborORSend an e-mail to a Teacher Next Door Specialist at [email protected] the Teacher Next Door ProgramAny teacher who is employed full-time by a public school, private school or federal, state, county or municipal educational agency and is a state-certified classroom teacher or administrator in grades K-12 is eligible to apply for HUD's Teacher Next Door (TND) initiative.Teachers can purchase HUD homes at 50 percent off of the list price in HUD-designated revitalization neighborhoods.

Just because you don't have current assets doesn't mean you are off the hook -- the courts can/will file a deficiency judgment against you for any unpaid liabilities and these will follow you until paid off.Make sense?

Also call me and I will give you a good local bank in Sacramento, CA that will give you your 15 K to rehab your property so you sell the home and get a bigger one in Elk Grove, Natomas, or Roseville.A friend (also an investor) tells me to sell the condo (or 1031 exchange it), rent out my home and buy (exchange to) a nicer one for us.