I was not expecting that for the 1031 exchange wow. i was also told if you bought a home as primary and you occupied it for 2 years that you wouldn't pay any taxes in the gains, i should have done that maybe ill do that with new properties.

Im sure ill have more questions along the way, but for now my question is earnest deposit. 

I got no ill will against them.

If you put something under contract and I"ll PM you two good bankers that work at two different local banks (hungry for deals, they call me and say "when is the next one?")

Ill have think through that!

Alex thanks for the tips, I ll definitely be joining some meetups and real estate groups in the area.

Ill let Obama know too ;)

I will follow it all the way till it sells again .. ill visit the open house when the investor who bought it gets finished with the rehab ..

The fine print in Fannie Mae guidelines state that you have to wait a minimum of 4 years to get a mortgage after a short sale with no extenuating circumstances such as loss of income, illness, etc.  

But Ill second the motion, get your accountant involved ASAP to clear it up.