I've done it but only when i'm trying to squeeze more money out of a third party while at the same time, being comfortable with it coming back to me as REO (That usually implies there is a senior lien/junior lien relationship of some sort).Some of it is art, some science, some smoke and mirror but its all in the effort to "true up" what you realistically expect to take as a loss when its all said and done, if you end up taking a loss.

Clean mirror.

I spoke with a realtor last night (Chuck from quadwalls.com) whose opinions mirrored yours pretty closely.

Therefore, treatment will mirror your own personal residence (i.e. most expenses will be personal in nature and non-deductible).Any rent she does pay you is taxable in full with no deductions to offset.Then you contend with the gift tax issues.Generally not a good idea to rent to family, but if you do, make sure the rents are fair market. 

There are 100 investors that have been broken by this city for every 1 that made a buck - if you can look in the mirror and think you are bad *** enough to beat the odds dive in... if you have a doubt, stick to the burbs.P.S. - If you think you will just find a great PM to help you - you are sadly mistaken there too

Fog a mirror and have an email address?

Should I assume this will all just be in the rear view mirror by then?

This is such great advice, anyone thinking about doing any kind of marketing should print this off and stick it on their mirror so they see it every day.

@Sarah Klein I will mirror others that you need to confirm with your own local laws. 

By the time these numbers are compiled it's in the rear view mirror.