And of course, I also get to see the operations side of the business (good, bad, and ugly), which has helped keep my toxic optimism in check and know what truly good/bad deals look like. 

However, for the vast, overwhelming majority of people on this planet, it is not logistically possible to spend every hour making money, whatever your expertise.

Find ways to improve DTI - if it means using cash to pay off toxic debt such as credit cards I would do so; 20% interest is going to kill you.2.

That means, the escrow cannot be closed and a new escrow cannot be opened for a new buyer until your issues about the $5,000 are settled and if someone decides to go through any lawyers or courts to settle the issue the property could be ties up for up to 5 years.Nobody on this planet should be dumb enough to pay attorney $20,000 to $50,000  to argue about $5,000.Just my street corner information and I could be totally wrong, but this is what I've personally experienced in the past.

I spent quite a bit of time with them trying to buy a number of their properties under the TACT Program, or at least get them to agree to a pilot in the Phoenix area.My only major beef with B of A is that they are the only bank to date to decide NOT to participate in the TACT Program as a way to clear up their $60 billion of toxic assets.To their credit, I was able to discuss it with them, share the benefits and they had discussions with various execs before saying no.

I brought an associate from ORegon and he bought 60... easiest place on the planet to do this.

One of the best kept secrets on the planet.. kind of like how much is that car dealer making on me.. at least it was in years past..

The BEST way to get it done, i guess you could call this the "right way", is go to an asset protection/estate planning or real estate attorney with an outline of exactly what you're plans are, and have them give you a proposal for a corporate structure.It's not the cheapest thing on the planet, but worth doing.  

Read the posts Art, most of the others on this thread understand this type of toxic tenant.Rick

And I got trained by some fo the best land sales men that ever walked the planet.. that's why I started selling land at 18 and by 27 or so I moved on to bigger type projects.