I know, it's a huge fumble but one that I undertook as a gamble and I lost.2) I requested the original lease from the owner, at least twice and he either couldn't or didn't want to supply them.

Find someone that comes highly recommended from a friend, family, real estate agent, etc who charges a fair price and you will have a sucessful project anything less and you are gambling.

You aren't buying rental property.You are buying speculation property.Anytime the cost exceeds the rents coming in,you are gambling on gains on property for profit(which i think is insane)Speculation is dangerous

In 1996, Congress passed legislation to allow offshore drilling.

Tourist says "Hmmm, how do I know you won't just gamble the money away?"

Worth a $50 gamble on good cheer to me!

The gamble did not pay off.

If the executor of the estate finds out s/he will justifiably demand a refund.If you cannot comply you may experience some unpleasant litigation, as well as potential criminal charges.Are you really willing to gamble a judgement and lien against your 30-unit apartment building?

Just buying assets at .50 cents on the dollar or better... stay deleveraged..Why would you leveage personally... that defeats the purpose of what you are trying to accomplish..Ie... alot of books and people teach when starting out... to pull cash out of their personal residence...That's gambling yoru sole goal is to get personally free of debt or at a very debt to income... 30% or less or so...So, you build a business that uses leverage to create or find equity and duplicates... and then get equity out...Imagine you were back in times... and you found out you could mine for gold...You go out and find gold... and then put it on the shelf hoping one day it would be worth more... well of course it will....but, the moment you found it... is the moment of highest return...

They buy offshore leases in the Gulf of Mexico from the US Government.