I found a distressed property in a trust too with both owners deceased. thanks!

Next you need to find yourself an accountant and an attorney who are knowledgable in cross-border business (taxation, finance, business structure/organisation), bring your objectives and sit down with them to determine the approach which best meets your current need and future plans.  

Hello, i came across this site about a week ago interested in Real estate, coasting through the forums and searching for material that could help me gain some knowledge or give me a head start in the right direction.I came across a motivational thread on books, so i went to borders, bought rich dad poor dad - Read that book in about 3 days ( very inspiring and a eye opener ) i am currently reading Think and Grow Rich, by N.Hill and re authored for the 21 century, interesting but a motivational book at best, after this book id like to read some books that i can actually get some hard knowledge on the subject, im just not sure how to start, where to begin to read?

It is in Chicago, basically on the border of Avondale, Kilbourn Park, and Old Irving park neighborhoods. 

@Mike Makkar  I crack up at your comment that Texas building costs are so high.. our costs are well over double what you guys pay you have some of the cheapest in the country.. you can build pretty cheap in metro Atlanta as well.land in the path of progress makes more millionaires than any buy and hold scenario unless you have A lot of buy and hold capacity..I bought a 4 acre piece in CA. in 1994 for 28k  NON buildable but bordered city.. it just finally got brought in.. and across the street the largest Indian gaming casino in the state was built over 300 million project.. we are about to get upzoned to flex resi commercial and I think my value at that time is about 3 million...

The book stays away from giving anything that would even border on legal or tax advice, simply because every situation is different, and even two people who seemingly have similar situations might need vastly different legal, tax and insurance needs.If you purchase the books here on BiggerPockets, the package includes the contractor contracts that I use (written by my attorney in the state where I flip) -- it's a great starting point, but as pointed out above, getting it reviewed by a local attorney would probably be smart just to avoid any state-level differences in contract/real estate law.As for insurance, in general, you're going to want a builder's risk policy during the time of construction. 

Beware of Greater Cincinnati Water Works - the water rates on the quarterly bill aren't so bad, but the sewer rates are bordering on highway robbery.

I'm across an international border from you, so lending practices are a little different.  

Got a call from the son of the deceased who is the administrator to the estate.Wondering if anyone is willing to comment on what their exit strategy would be, given this info:ARV: 325KOwe: 200KPayment: 12001 month in arrearsest repairs: $15KThe son seems very motivated to unload the house.My initial reaction (being that I don't really have any of my own capital to work with) would be to wholesale it.

@Paul Haviland,For tax purposes, a land contract (sometimes called a contract for deed) is treated as an installment sale.Someone else will have to answer your question about the principal balance still due on a note and how it is treated by the deceased's estate for tax purposes.