I learned the basics from an old Roger Dawson tape set.

[/b]OR, increasing deductions by $4,000 probably "nets" you $1,000 in current year cash benefit...but you'll have to pay that $1,000 back to Uncle Sam when you sell.

The ones I am looking at right now are those on which no leins were sold; therefore, the county (Rogers in Okla.)legally owns the property and will be selling them at auction.

Then, when you're all done with those expenses, uncle sam will want his cut (and a big cut it will be)

that means HUD, VA, Rural Dev, or a mortgage through any lender who is Federally licensed like a bank.It covers almost all mortgages except the ones from HML or your Uncle Louie.And to quote that famous real estate investor Harry Callahan, "Do you feel lucky?

Steve, My knowledge of properties in NYC is very limited, but with what I do know and have observed personally (I used to tag along with my Uncle - he's a construction contractor) on buildings with age like you have throughout New York, it is very important to check for leaks, as well as foundational issues.

Roger that.

@Roger Heiser - Pirate rivalry) essentially just down the road.

@Roger Heiser There is a really good guide to read that discusses HUD pricing:Buying a HUD Home: The Ultimate Investor’s Guide to Getting a Great Deal on a HUD HomeThe article states:HUD gives guidelines for the asset management companies to go by when accepting bids.

Ryan,I'm from Rogers Park/Evanston, and have lots of family there, some with experience rehabbing properties.