This will be my first if I choose to proceed.   

I invest in tax deed properties in Ohio, which has a slightly unusual system in that if you 'win' a property at auction, you only have to pay a deposit on the day (usually around 10%), and the full amount is not due until the sale is confirmed by the court (ohio is a judicial state), which is usually a few weeks later.This is sort of like having a property 'under contract', when you would normally go off and try to get funding for the rehab / a buyer etc.

Or so I thought.Bank shoots back: Would your client be interested in proceeding with the transaction if we were to offer financial concessions?

Thanks for the referrals and encouragement.I will keep you posted if we proceed with the sale.Thanks, mark

If you put you're using the proceeds to bolster your savings and reserves you should be fine. 

Even though it is a difficult situation you may have to proceed with an eviction.

You will also want to check the court systems to see if there are any judgments against current or previous owners that could attach as liens to the property (these often are not recorded in the same way deeds and other liens are).

If you do not have a partnership agreement and the assignment check was made out to you, you will have to 1099 your brother for his portion or you could end up paying the taxes on it.Your assignment fee will be taxed as ordinary income and could be subject to SE tax.It's hard to provide specific advice without knowing your whole financial situation, but I can recommend that you save some of the proceeds in a separate account for taxes.Let me know if I can be of any further assistance.Good luck on your journey and I hope this helps.Ed

But the real estate market has improved in most markets over the last 6 years, so banks and mortgage lenders are tending to utilize short sales and allow foreclosures to proceed instead of making concessions on behalf of delinquent homeowners.

Put the ball in the tenant's hands but keep them on your court.