I believe the recapture applies even if not claimed in prior tax years.

However, as to first mortgages of record, the lien is effective from and after recording of a claim of lien in the public records of the county in which the condominium parcel is located.

Definitely require documentation of all claims to protect both yourself and your investment.

Hi Doug - one main reason we are using a LLC is to protect our rental from being unprotected assets in the event of a personal legal claim.

No illegal activities going on.I've heard over and over "... if someone really wants to find you, they will..." yet I don't see how someone will accomplish that using legal and legitimate means.Yet, somehow, from the claims I hear on this topic are that some people can easily get this information.

I talked briefly to some other investor on the street and he claimed he was getting 5% back from a Home Depot credit card.

By law they would actually be required to turn the remaining security deposit over to the county, so that it can be held as unclaimed fund and potentially claimed by the former tenant.That's only if there's money owed to the tenant.

I recommend adding him via a quit claim deed after the fact just because some banks may have a problem with it.

Even if the deal doesn't happen, much was learned.Every call I take, every offer I make, every seller I go visit is a step forward.Im not claiming to have it all figured out by any means, but I really feel like I am advancing.As far as the original topic of motivation.....I think I will know it when I see it.Thanks again to EVERYONE who joined in here.

Another issue is that these old time contracts use a quit claim deed in the event of default which is held in escrow, it's worthless as it is seen as circumventing foreclosure laws.