Here's the link:http://www.biggerpockets.com/forums/223/topics/120969-how-to-sell-a-million-dollar-home-in-a-weekendNow, if his intent is NOT to sell the house, he can talk to a foreclosure defense attorney so he can get his foreclosure delayed long enough for him to find a job and then do a loan modification.

Unfortunately wounding themselves necessitated them wounding their clients - and that they should be rewarded with continued business is so devoid of logic that I am shocked.ERP has had the skeletons in their closet exposed.

This almost always necessitates the NRA file a 1040NR to reclaim the excess withheld, further adding to the compliance structure and cost.A lot of hedge fund managers don't like to have NRAs come into their LPs specifically because they find out about these obligations during tax time and don't like what it does to their compliance bills.A "blocker", i.e. establishing a US C Corp between the NRAs and the US investments, does solve this problem, but again, all factors need to be considered for a holistic approach -- minimization of US tax liability, Canadian tax liability, and compliance fees in both countries.

Pretty simple really.1. cut a check payoff the loan2. refi the property pay off the loan3. sell the property pay off the loan4. further negotiation with the lender which could include a payment to reduce the principal IE modification.

A quick synopsis of this program says only the homeowner can take advantage of this.An excerpt from the article is as follows.quoteCalifornia, USA—July 17th 2009—California based The Loan Modification Foundation is standing alongside the federal government in the fight against loan modification companies operating scams against customers desperate for assistance trying to save their home.

There's reinstatement, loan modifications, short sales, deeds in lieu as alternatives to foreclosure.  

This document doesn't call out for a modification to include these rentals.  

I believe this is being revisited and the requirement may change to a higher amount or other modifications, but as it stands now, I would 1099 everyone that is required, it won't hurt, even if the requirement is changed.Your 1099s will need to match your deductions taken.

Vacants tend to be cheaper because most note investors are looking for occupied properties with the intention of re-instating the loan or modification.   

How about those that need permits (external modification, adding rooms, bathrooms, garages, etc.)?