Since you only got five months of rent for the unit, I am guessing that the property was placed in service somewhere around the middle of the year.

I have access to all the MLS listings, what houses have sold for in the area etc etc.Im still debating getting my licence, I guess ill see how things play out

What scares me about this is if housing prices still go down and I somehow end up upside down, I do not think this would happen as long as you buy at a huge discount but I guess you never know.

Allowing the original seller to take a tax deduction when they are generally distressed is stupid IMO, but I guess I could see it being done in certain cases.

I'm guessing that is too low.However, the cash flow isn't the really bad part of this deal.

I guess I'll let that one go.

You can guess at that by watching "for rent" signs come and go.

It has some minor structual issues (guessing 10-15K to repair).

I honestly wouldn't try to guess where its going next.

Claim: I3 Solutions was issued a Cease and Desist order by the FTC.Fact: I3 Solutions was never issued any Cease and Desist order by the FTC.For reference, if you had stopped after your first statement of, "S&S Private Capital, Inc. and S.O.S. is not in any way affiliated with I3 Solutions," I probably wouldn't have dug any further.But, then you felt the need to defend I3 Solutions against the allegations, which made me wonder...Long story short, according to his linked in profit, Gene Schwalen is both CEO of I3 Solutions, Inc and S&S Private Capital, Inc, which in my book is much more than just an affiliation:http://www.linkedin.com/pub/gene-schwalen/5/29b/863In fact, it would seem I3 Solutions and S&S Private Capital are run by the same person, which would likely make them one and the same, though I guess technically the guy could be so good that he's maintaining two CEO jobs simultaneously...