So essentially this property not only would cashflow but it would also have a huge value add proposition attached to it.

I am wondering IF it is possible to try and strike a deal where I can assume their mortgage(if it makes sense) and they rent my apartment(potentially at a reduced rate), essentially trading places.

You will also report that income on your Colorado return, but Colorado will give you a credit on your state taxes, dollar for dollar, of the taxes you paid in Colorado, so you essentially get a $1000 reduction of state taxes because of the taxes you paid in Ohio.When the two states involved have similar tax rates, then you essentially only pay the taxes once. 

In my state (NV), the due diligence period is essentially an option period as well.Carefully read your contract, and if there is anything that can be construed as an contingency, take full advantage of it.I may be wrong, but your agent sounds like they're simply trying to sell you something (and dont want you to know you can or how to back out) and aren't really trying to help you.

Some background information - I will be doing all the work from start to finish, so my partner will essentially be "silent" throughout the entire process.

The logic is the following: As commodity prices rise, money earmarked for other items goes towards meeting the higher commodity price and consumers are essentially forced to re-allocate their spending budget.

To me, there is something fundamentally wrong with essentially rewarding lousy borrowers by extending their terms, lowering their interest rates, or sometimes even forgiving a portion of the debt completely.

I know that buying the first lien from the bank essentially wipes out any lower liens (unless they decide to redeem) but I know that tax liens are never written off.

Originally posted by "jkatz":Essentially, it's about a series of interest holding entities that file BK one right after another.

As long as it was a rental long term or such you can justify that it was investment and not inventory.So essentially look at facts and circumstances.