Okay did a wrap with a seller.Added as a additional beneficiary on the policy.Policy comes up in March.Insurance company was fine putting me as an additional insured but then the owner of the company calls the seller a few months after closing and said his employee never should have told her that.She doesn't have any written communication or a recorded call from the employee saying it was okay just the phone call before the closing happened.Now the owner of the insurance company says he wants to see the seller back on title before he will renew the policy.I mentioned I could add her as additional insured and she said the lender would be required to have her as primary.She is freaking out about the insurance issue and thinks the lender will call the loan.She wants a quit claim back to her and an agreement form her attorney that I manage it but still own it and I can buy her out at a later date.I told her I would not agree to this.We have completed substantial improvements to the property and have gotten out the bad element.What I have come up with I believe will shed light on her true intentions.I am thinking of creating a Joint Venture partnership or something similar where she is given 5% non-controlling interest in the property.This would add her back on title and then the insurance should not be an issue to renew.I am checking with an attorney on this now.Want to get thoughts on this issue.

If you are not taking in any rent you may consider this a second home and deduct mortgage interest and real estate taxes as if it was simply a second home.That would be why they cannot depreciate it.In some cases such as additional depreciation allowed on business(non-rental) assets you may take additional depreciation the first year.To summarize:They will not be able to depreciate it unless they are in a for profit activity.

I get great value from a peer accountability group in my non RE business.

You either need to buy significantly below FMV... buy in an area that expects very high appreciation... aggressively pay down principle... or be prepared to put 20% down on your next Owner Occupied home (i.e. non-FHA).

I am in the customer service business and I own my business (non RE) and my clients love me and I am never too busy.

It is much better than the non independent central banks found in other countries.8.

So now Uncle Sam is your landlord as pointed out above, and let's not forget HARP coming soon, re-fi all your GSE or Non-GSE mortgages at todays rates into a GSE loan.Maybe Obama is actually brilliant ( I think its a sovialist ploy not brilliance but stick with me).

well - well - well... seems there are a few issues with the non-existent building code, city-never-heard-of-zoning-for-multifamily investment.total electrical upgrade :|my wrestling coach, community dude, wanna-be politician was in austin on state business today and could not give me the numbers on a total upgrade.any of my guru colleagues here on bigger pockets have a number they want to throw out?

My brother lives in arizona, He is recently divorced and having a tough time making payments on the house they bought together, BofA and the government modification folks say they cant do anything until she signs a quit claim deed which she does not want to do. i believe she is concerned about future financial responsibility for the house she doesnt live in anymore even though az is a non recourse state.my questions are:Is there anything he can do besides foreclosure?

From what i can see the FHA 203k rehab loan is only available to non-profit investors.