It becomes an unsecured loan (by the way the owner has no other real estate assets to get a judgement against).

What is the Final Judgement Amount?

unless there is a personal gurantee .. collecting from those that have no money is pretty tough.the cost to get to judgement and then collect usually out weight any thing you will get out of a dead beat borrower.... been there done that a few hundred times over 40 years.get control move on.. lick your wounds.

Originally posted by Account Closed:Don't read if you are Squirmy Wormy type.I don't know many employerS who would keep an employee with ZEROOOOOOOOOO productivity unless that person is a relative..............lol.Shotgunning in a hot market exhibits bad judgement. 

And all 3 of you seem to be speaking from experience and have great businesses, so I will defer to your judgement.

The county site I am using already is showing a court judgement in favor of the lender... as if the property owner is already out of luck and in 2 months during aution their property will be gone. 

An on-site PM that either does not know how to set limits and stick by them, or has been encouraged by you to use their best judgement, which appears to be to try to massage tenants into paying by the end of the month.2.

So unless you have a situation like what happened in PHX in 08 were you have MASSIVE vacancies and same with Vegas you had prices crash along with retail homeowners with purchase money loans ( no deficiency judgement allowed) it became a cascade effect..knew buyers the last decade are in my mind more educated ( thanks BP)  locked in historic low rates   and had to actually qualify for their loans.. 

The property is in an LLC, so after my first court date where I knew that she was going to be granted a 2 week adjournment ( and she was) I hired an attorney...this is how it turned out.I am out three months rentCant file a judgement and still has 4 weeks to move.Be careful where you buy and what attorney that you hire.

Hopefully, judgement and advice from this forum will allow me to narrow it down to a single choice so i'm very eager to hear from you all;1 - A slow start at a small scale (cash)a) Move in late October, applying for a bank account and small credit cards where feasible to build a credit history. b) Buy a simple and turnkey 3BR single-family to househack for ~ 100k in my own cash (Such as [1.i]), while transplanting or recreating my exterior cleaning business (1.ii).c) As soon as any lender would allow, exit through whatever HELOC/mortgage on the house I could secure in order to buy a new one again in cash, and repeat until a 'normal' lending process is offered.With only the taxes, insurance, maintenance, capital expenditures, and vacancies to account for at first and with room rentals in the area going for around 500-600/month, this seems to be a soft and forgiving method to land, and will become the backup plan regardless of my chosen path.PROS:*Eliminates FICO scores, lender/underwriter scrutiny, and credit history as potential barriers;*Least risky due to small total investment;*Least complicated process, and;*Lowest initial ongoing expenses.CONS:*No leverage - Stuck for a prolonged period before continuation;*No diversification - All eggs in one basket until refinancing;*Effort, risk, and expense of starting a temporary small business, and;*Loan ability throttled by self-employment.