Chances are you will - have a deficiency judgement, - if there is a second mortgage you will owe that money, - the IRS views the debt as forgiven income (see a CPA), http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-- your credit FICO score will drop as much as a foreclosure,and - your borrow-ability with any government agency like FHA will be harmed for a long time.So what is left?

.: In the short time "lurking" and then joining BP, I've already learned quite a bit and had a chance to meet some great individuals.

@CL Tumlin ,Depreciation as @Dave T said will be prorated for the number of days in the year.Unless you initially segregated out the costs upon purchase between the individual components of the home you will continue to depreciate it over 27.5 years.

The free reader version lets you do a lot, i.e. apply scanned signatures without blocking text in the document.

A few blocks over new 2800 sq. ft.

The value of this loss of property is subjective and can result in widely differing figures depending on the individual properties.

However, our conversation was about being "Recession Proof" now I now I've seen a few individuals on this site talk about this topic, paticularly Rich Weese and others about eventually becoming "Recession Proof/Prepared" for any, and most economic downtursn.

I think REOs are even tougher than individual sellers.

In the future I would like to pass this cost on to the tenants by dividing by four and billing each individually.

I suspect if I was a stock market investor I would be looking at individual companies like that too with the idea is this company undervalued?