I've listened to a podcast (real estate guys) and read some on BP about purchasing Bank Notes in default.

The LLC should get 100% of the deduction which half will flow through and be reflected on your K-1 assuming you elected to have the LLC taxed as a partnership (default election).

Next, click "Update Profile" which is just under your default/blank picture. 3.

If you do not follow this and let him close in his name and then transfer to you, the loan may be found unenforceable which is not a pleasurable experience in the case of default.

The quick answer including tax implications:- LLC single or multi-member classifed as a tax non-entity (default), where all transactions fall down onto your 1040.

A lot of times banks don't like a subordinate mortgage because it increases the risk of defaulting on the first mortgage due to cash flow issues.

If the tenants later defaults you can move them out and still keep the money.

Best Regards,KirkOh and notice of default was served on April 15 2013.

If there is a default on the CFD, then you can pursue eviction opposed to foreclosure which might be a little cheaper and faster depending on your state.

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