Reality is many bad events/outcomes was done with risk and/or stupidity including poor research.

FYI this is a lengthy, bureaucratic process, but since Im not seeing a lot of info about the reality of it-I am sharing what I’ve learned.  

It looks good on paper, but its not in reality.

The answer to that is typically 90 to 180 days is best, but in reality, you can sell it whenever you need to. 

Great on paper, poor in reality. 

Anything can sound real nice on paper but reality is profound.

It's not a one-size-fits-all answer, but hopefully this gives you some food for thought.Whatever path you choose, I'm here rooting for your success.Jasper & PatTurning investment visions into REALITY in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC

The reality is that the tax impact and ability to take ANY losses (as Michael mentioned) is based on a number of factors that include whether or not it is a "separate dwelling unit".

Then I came across your post which tells the Truth, and yes, I CAN handle the truth, concerning the realities of dealing with people in distress and YES , they want to stay in the Home etc and NO they are not really motivated candidates as the gurus say they are.

. - Jasper / Pat AboukhaledTurning investment visions into reality in Phoenix, AZ - Ranked #1 for residential real estate growth and opportunity by PwC