And if you haven't already learned that legislation changes with political whims you are in for a harsh reality.Let me give you a hypothetical: What are the tax implications if they remove the 1031 exchange and jack capital gains back up to >40%?

Some landlords and management companies serve legal notices as their first response, but we choose not to because that usually is perceived by the tenant as harsh and results in souring the landlord-tenant relationship.

That sounds harsh but you are running a business not a charity.

I really do not want this to come across as harsh or mean and I realize as said earlier everyone needs a place to stay, assuming you can mitigate risk this could also be a good long term deal you have with over market rents, it is just up to you if it is what you are looking to get into.  

Where modulars win are in three categories:  harsh weather environments (which we don't have in the mid-Atlantic), design fees (by reusing the same design over and over again), and cost predictability (a normal builder will price a new design a bit higher to hedge against the unknown).  

Hi @Quinton Phillips, I am not an agent but when I was a new loan officer, I was hit with some harsh realities.

Patrick's Day, let's just say there'd be some harsh words.That said- what we still don't know Will is what defines a "business" as opposed to a passive investment, and what determines intent?

These might seem harsh, but the rules are not difficult to learn and follow. 6.

Ditto to what Paul said above...And I apologize if I've been overly harsh...there's a lot to learn in this business, and if you focus on not making the same mistakes twice, you'll do better than 99% of the RE professionals I've met...It sounds like you'll end up in that good 1%

If the contractor has filed bankruptcy then the house is not in foreclosure anymore.If he filed a seven then he did release the house.I would think any equity he has would be eaten up by secured creditors in the BK before they even get to you.Also remember this guy might not have been paying his payments for years.I have seen some properties with original balance of 130k and 165,000 is owed with penalties,back payment,and interest.This doesn't include if he has a second mortgage as well.Not trying to be harsh but it will be a miracle if you collect anything from him.