My friend Lewis convinced two banks he'd take a total of 32 "stressed" properties (all SFH) in Peoria, Illinois off their books.

We've encountered similar situations.

You don't get the interaction of a class situation but that's probably not a bad thing... there is always that one student that throws off the conversation in directions that no one really cares about and in an interactive class when that one student takes the instructor off course, it's usually at the detriment to the material you need to learn.

Here is the summary of my situation that requires creative thought:Location: DC Suburbs (Clifton, VA)Original sale price: $300KOriginal mortgage: $240K ($60K down)Money spent rehabbing property since 2008: $70KTotal cash invested: $130KCurrent sale price (based on comps): $430KAmount owed on mortgage: $208KPotential cash generated from sale: $($222K, not including transfer costs)Estimated Monthly Rent: $2,200Current Monthly Payment for M/T/I: $1,300 *Biggest yard and likely one of the most updated homes in a desirable community where "average days to sell" is less than 14.Now the issues:Need $100K-$150K out of the house (or via investment) in order to put down-payment on next home, which will be primary residence (probably a $600K home).I've plugged numbers into every rent-or-sell calculator out there, but always feel like I'm missing something big.

Be careful not to put yourself in a difficult financial situation that could damage your finances long term.

@Michael Zack  "No, because you have a 3 year old".In situations like this you are safest to do the showing to avoid having to tell the applicant anything at all aside from after the fact when you inform them that the unit has been rented.

Depends on how much $$ we are talking...... what's your time, effort and stress worth vs the $$?

Also, she said that a sole proprietorship is fine for now, but to plan a LLC in the future after I have a few properties.I am still going to call and talk to a few other CPA/accountants just to see who specializes in what and what their opinions are on my current situation.

Could have been self install but I'm paying the installers about $1/sq ft.My problem with Home Depot is that no matter how good Allure Ultra may be, HD flooring desk staff in this store are totally clueless about the product, its stock situation, and its accessories (transitions, stair nose, etc and couldn't care less about serving a customer.

In a year or less, my goal is to put myself in the best situation to purchase an owner occupied SFR or Duplex, most likely with FHA due to the low down payment option.