This deal is not much money in terms of a loan, so I don't see why you couldn't do it that way, excluding any legal restrictions on the load.I'll let the mortgage experts weigh in on that point.Good Luck,Jason

A short is your best bet because even though all the fines and legal charges have been accumulating the lender will normally go short to keep it from going into inventory.

How much interest can you legally deduct?

Well, I honestly dont know what sparker my interest, but since I can remember, i wanted to be a realtor.Then i read the E-book "Rich jerk real estate investing"I was a pretty cool thing to me, i could work with real estate before being 18 and getting myself a license(with my mom doing all the legal work, of course)I dont have a specific deal yet, im still trying to convince somone to let me wholesale their property, no one really seems interested :blush: Also, thank you very much for all your kindness, i can tell this will be a very helpful place.

I have 2 realtors that are keeping an eye out for "flip" properties for me.I however don't have a title company (there is a local one that I used when I purchased my commercial building for my business), I'm not set up as an LLC, inc, or anything else for that matter.I'm a prepaid legal member, I don't know if that counts as having a lawyer or not.So I'm really hoping that some of you might be willing to help me out with what the next step(s) is.Thank you so much for your time.

Other areas of Oahu do NOT have (legal) daily rentals at all.

what would be there legal rights in reference to the house?

The choice of entity that you use can make a huge difference in your exit strategy, but most people make the decision based on legal protection or income tax issues.

Heather, around here people do "duplex splits" where an existing duplex is legally split up and sold separately.

I like the idea of the renter haveing an incentive to care for the property but I just don't want to get into a legal battlefield if they break the contract.