He wants to attempt it again but I want him to understand that with his credit all jacked up the banks are not really working in his favor.The guy wants to use the owner finance as the last option and wants to rent it out now until he knows if the loan modification will go through, I think he is gambling on the wrong thing and will end up losing the house, leaving him nothing but a loss.  

another thing you should look at is the relaibility of all thos e blue collar jobs that pay the rent. is the big employer about to move labor off shore or go robotic??

Even still, a turn-around project, at its’ very essence, is a calculated gamble for all.

Delaware created it to prevent people from moving money offshore -- it is that strong.

They got their loan and bought the house and the seller didn't have to lift a finger.It was a gamble for them but it paid off.

If you buy in those areas you are really gambling on appreciation on the back end more than cash flow growth today.

The agent may, in fact, be telling the truth and working in the buyer's best interest if the buyer doesn't want to gamble on a short sale.  

Same rules apply to your first deal as they should to gambling: only risk the amount you can afford to lose.

I worked in KC with Shaun Gamble from Veteran Home Inspection.

I don't gamble on future appreciation.