Most likely the judge will be hesitant to declare the property is now yours so he/she is likely to make you jump through a few hoops.

Ok...I'll be THAT guy (after electing to bite my lip on page 1 yesterday) Dude comes on here and posts a bunch of pics, declare he is "retired" at 21 years old (lol) because he might earn $36,000 a year on a property, offers ZERO details of his "deal" , no detail of how it's funded, value add, cap rate, COC return, occupancy, etc and people fall over themselves to congratulate him?

If they are squatters, with no lease, it should be a VERY easy eviction. ...The one feature of bankruptcy is that there is an automatic STAY placed on all lawsuits pending against the party declaring bankruptcy.

You can rent it to yourself, but then you would also have to declare that income, so it becomes a wash and not a write-off?  

Assuming you’re doing it right and declaring your rental income suddenly a portion of all your home owning expenses are suddenly deductible.

Happy to connect with anyone getting started in Airbnb's or Rental ArbitrageFirst, congratulations on whatever success you've had.That said, doesn't it seem kind of presumptuous to you to declare yourself a "real estate coach" when you have only 3 years of real estate experience, and less than 1 actually owning anything yourself?

Did you declare bankruptcy in 2014 or did the owners of the building you are attempting to purchase? 

If one of you declare bankruptcy the the federal courts have ruled the property is exempt from bankruptcy attachment. 

That's basically it.When I show the property if they are interested then I have them fill out an application and that's where I ask them about whether they have been served an eviction, if they have ever petitioned for a bankruptcy, if they have ever defaulted on a lease, if they have been convicted of a felony, employer, job title, start date, etc etc etc...and I let them know the filled application will be a part of the lease agreement and that any false declaration on there would be considered a lease violation.

Loss Rental income Must be on your Declarations page.Most have a Max amount of Loss. i.e. 5 months of rent.