After the government gets done with her she "takes home" about $2050Obviously this is not a billion dollars, but, I don't see why she cannot afford some kind of a home.

How many of these negative cash flowing properties can you afford to own?

Now he has a nice home for his family that he can actually afford.

It is very frustrating, but as jbrooks said above, unless you are busting these out as a professional business model, 3 months does go by rather quickly!

I think thats a nice plan to increase your income, your net worth, and not increase your monthly expenses for living until you can afford it.

His initial goal is to replace his income plus enough to afford his own health insurance.

Is he going through a rough patch right now or can he just not afford this property?

At 7% for a 30-year fixed loan, you can afford to carry about $79K in mortgage.Of course, make sure that your numbers actually support the 50% rule in your area.

I also wonder if you can afford the negative cash flow and the rehab costs while turning this property.

The Fed announced a plan to bail peole out if they are at risk of foreclosure:http://news.yahoo.com/s/nm/20090127/ts_nm/us_usa_fed_foreclosureOf course, if you were responsible and took out a loan that you could afford you are out of luck.