But we managed to do some wholesaling by assigning contracts to a few contractors that wanted to keep their crews busy plus keep some money coming in.When my wife's grandfather in Rochester retired he needed some extra income so my wife taught him judgement recovery which he could do on his own schedule, that might be a niche that would fit in with your plan.

When push comes to shove, judges are notoriously favorable to tenants.However, I would never discount the power of having something in writing whether it would pass judgement in court or not, almost always whatever is in the lease will never end up being ruled on by a judge because tenants will often just drop their objections if it's in writing.

The trustee claims to have the authority to sell me the home but it's at a price that is pretty much market value which I don't understand because I know what the judgement is for on the mortgage and I'd pay that amount.

Goodmorning,How are Deficiency Judgments and the Mortgage Forgiveness Debt Relief Act effecting the amounting of short sales that are on the market and the deals that pertain to them with the sellers. I understand the...

Get what you can at the time, take what you can out of the deposit, go to small claims court or get a judgement with eviction if possible, and turn the rest into collections.  

If you can get that judgement, then I'd imagine you could start to garnish his wages, depending on the laws and procedures in your area.

Would I be responsible for any other liens or judgements that may be held against the property?

Or even better, successful judgement against you that stopped at your llc and saved your personal assets, or other business assets.

If the assets have a lot of equity, I hear it is a good idea to have even a third LLC, or your self personally or whoever has the equity, to place Deeds of Trust (or whatever deed your state uses) on the property to place a priority of lien in the case of a judgement.

Now if the kitchen is looking dated and you are having trouble renting in general, might be worthwhile, but that's a personal judgement call. it still works fine and can be replaced very quickly when it fails otherwise....