I believe that I need to pay back the tax credit since the house clearly is not my primary residence, but I am struggling to figure out the best way in which to do this.I don't know all of the rules for this, but would it be possible to amend my 2010 return to pay back the credit then (basically as soon as I got it?).

Here are some basic numbers to give you an idea.Purchase price of 65k, with 175k left on the notes.

Basically, learn how to be an investor of anything that has a cash flow flow profile attached to it.

Basically, my partner can bring to the table a lot cash - something I can't.

The basic formula is supposed to be offer price = 70% of ARV - repairs - wholesale assignment amt (could be 5k could be 10k or more)So if you want to make 10k on a 100k house you'd contract it for 50k and sell it for 60k if it needs 10k in repairs.

We each have full time jobs, and have always filed basic tax returns.

It basically protects against a seller accepting other offers.

Basically, you're just going to have to go through 2 appraisals in conjunction with your rehab...so extra costs and headaches there.Ill post more when I'm further in.

And they certainly wouldn't be able to get financing anytime soon to cover the full payoff for the seller.In other words, basically everything we're doing these days is short sales...

Once you have this info you can basically start tracking down the owner with a full understanding of why the house is vacant and how you may be able to help.Just remember when dealing with abandoned properties, confirm EVERYTHING and assume NOTHING.