I won't claim to be an expert but I have read that even if you manage your own property in a self directed IRA that is against IRS rules and they could disqualify the entire IRA meaning you would have to pay tax on the entire amount right then plus the 10% penalty if you're under age 59.

I know a lot of people claiming big profits from REOs...

I bet he still put in the claim and demanded his service charge.

If you're wholesaling, that is your target customer.

You need an education in executory contracts.In NM you can lease, and buy on sub2 or a wrap or seller financing.Get a team together that knows what to do.The contracts I use in a sub2 areThe Purchase And Sale AgreementSeller's Due-On-Sale AcknowledgementThe Quit Claim Deed To TrusteeGet An Authorization To Release Mortgage InformationGet A Limited Power Of AttorneyUpdating The Insurance CoverageControlling The Escrow AccountIf The Mortgage Company Calls The Loan Due What to DoAddendum To Purchase And Sale Agreement Quit Claim Deed To TrusteeAuthorization To Release Mortgage InformationLimited Power Of Attorney Regarding Real EstateInsurance Letter (Adding Additionally Insured)Escrow LetterLetter To Mortgage Company Good luck!

As I see it, the only things you can claim for 2008 would be Schedule A deductions for property taxes and investment interest, but only if you itemize.

I've spoken with one title company here that claimed they would do that.If you trust your friend not to try to screw you, you could loan him the money in a separate, unsecured transaction.

I'll get there once claim season slows down.

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But just keep in mind that unless the property goes through the tax foreclosure process then any and all liens against the property still are existant and in full force.You still can find good deals this way the same as finding any distressed homeowner who will accept a lot less for his property than it is worth but you will still have to deal with any legal lien claims which could kill the deal.And then you will find those that did not realize that they were the actual owners and you will be alerting them to pay the taxes so as to keep the property.