Keep in mind that there are other MAJOR risks like the new buyer declaring bankruptcy to stall the foreclosure via a stay from a judge.

In a sandwich,,,what happens if the title is still in sellers name and they declare bankruptcy(sometimes it is not always THEIR fault,,ie health etc.)

The question is when we declare it as income next tax season what kind of hit will we take from that as well?

It's not like Will declared himself a Mighty Ducks fan ;-)Will:I too enjoy your "flipping for the once rich and famous" series.  

So the answer lies in the hoa declarations information and public records...

So, you guys are telling me the buyer could make some crazy demand at the last minute, and since the seller doesn't agree, the buyer could then declare the contract void, avoiding any liability.  

CODE:(1) the term “due-on-sale clause” means a contract provision which authorizes a lender, AT ITS OPTION, to declare due and payable sums secured by the lender’s security instrument if all or any part of the property, or an interest therein, securing the real property loan is sold or transferred without the lender’s prior written consent; Please note: "AT ITS OPTION"I've been all the way (took 5 years and $125,000 in legal fees) to the Ninth Circuit on this very issue and Won.

There are various interesting consequences that can occur because of this (e.g. what happens if the homeowner declares for bankruptcy on the very date of the sheriff’s sale?).

My interpretation from reading IRS documents on this is that you can only start depreciating the home and declaring expenses when the house is rent ready.

Your social anxiety can be compared to a weak muscle.