What are the pros/cons of the following:Owners home: FMV $200k, owes $130k, house is in decent shape.Owner loses job, can't afford to stay, going into foreclosure.I buy the house from him at what he owes and allow them to stay for 1 year NO CHARGE to them.13th month, the rent begins at $1k (FMV) per month.

Your on the right path and even breaking even or losing money isn't always a loss.

The biggest issue I find on a roof are old nails starting to work lose.

Some people spend so much time that they lose valuable time they could have actually making money.I say go for it man, its free!

Paul, my condolences for the loss of your wife and the immense sadness at losing your daughter's mom.   

My question is how would you all take advantage of this opportunity and what would be your strategy to invest as much of the money without losing it to things like taxes.MODERATOR:  SUGGESTIONS AND ADVICE ONLY IN THIS FORUM.  

Pro:- Obtain a 3rd property- Possible appreciationCon:- Losing a 15yr fixed @3.375 for a 30yr @4.5.

Seems to be opposing arguments here- 1) Without the money man, I would have nothing-so better a small percentage of something than nothing.Or 2) Without me, the money mans money would be sitting in a bank and losing value yealy to inflation.  

Someone will have to build the first one and lose a little money.  

I have said over and over again that EDUCATING people to be successful costs money and time.If I make 400k,500,600k a year income and I take time out to help someone with no monetary benefit then not only am I not getting money from them but I am also losing money because my income goes down from not putting time into income generating activities.That is why I love Bigger Pockets because you can drop knowledge 24/7 and it's up to the reader what they do with what they learn.To expect a local investor who is successful to spend hours on end for free helping people make money is not realistic.