No pissing contest here either---just pointing out the shortcomings for the benefit of other readers...Regards,Scott Miller

I have had my eyes on this site for a while but only joined now because I believe I can now bring something to the table for our mutual benefit.

People are making a lot of noise about this in the SE market, but I'm not sure I understand the full benefits of the tax break.

I will get the enjoyment from living in it and will get the benefit of not having to pay taxes on the profits that go into my second house when I do finally sell.I have been scouring the foreclosure listings every week, but am kind of stuck as to what exactly I should be looking for.

Tnen immediately renting them out or installing a Lease Option to Purchase "buyer".A major benefit to the recent "Correction" is that for the most part the SPECULATORS have vanished.

They lose income and go not benefit from the loan being called.

BP would benefit because the members would be on the site so all the benefits to BP.

If you rent out a vacation property for at least 15 days in a given year and your personal usage is limited to 14 days or 10 percent of the time it is rented (whichever is greater), then the property is considered rental property so you receive the following benefits:- All business expenses (including mortgage interest, property taxes, insurance, advertising, and maintenance) can be deducted against rental income received on the property - If the total expenses are less than the gross rental income, the resulting profit is taxable income - If the total expenses exceed gross rental income, the resulting loss can be used to offset income from other investments From a fractional perspective, how many days it is available for rental obviously depends on the number of fractions that have been allocated.

Thus the benefit you'd get is to defer taxes for as long as you own the property, and to own a hypothetically appreciating asset in a leveraged way.

I have yet to purchase a place.And at the moment, I'm an engineer (... or slave) to an aerospace company and would like to supplement my income with investment property.Perhaps one day, with due diligence, 100% of my efforts will benefit me (by allowing me to leave engineering), instead of pulling the line for the slackers and monkeys at my company.