Moral of the story: find out from the local authority what needs to be done, tell them you plan on buying and fixing all of the issues with the property and then follow their instructions to the letter.

Also, if your DTI is so tight that a car payment will knock you out of lending, AND your decision has gotten you into this predicament: it doesn't show the lender that the loan they give you will turn out much better.Is this your only tradeline?

Morally it just bothers me when people get paid for something they didn't do (ie. commission as a buyers agent.)

@Basilio Morales an appraisal is usually no more than $495 unless your buying a fairly big house.

@Federico Morales "my parents' tax guy has listed one of their properties as a loss, but without reporting the income for that property"So you are saying that he has only reported the expenses for this property and not the gross rents?

Federico Morales it’s a crazy phenomenon.

Is there something morally wrong with having “no skin in the game” other than leveraging your personal credit and reputation?

Moral?

Morale of the story is invest for cash-flow first in a market that has potential to appreciate.

|Moral of the story, run the numbers.