This would be bad news for me.

The good news is sometimes you don't know what you do know, and you have probably learned more about real estate investing than you realize...it is just a matter of becoming more aware.Good luck and I hope to see you around the site!

As far as one big plus to explain to him, is that if you buy it he won't have a shot sale on his report, which lenders look at the same as a FC.

I would have a contractor walk through it with you with the inspection report in hand to get a good repair estimate.

Look closely at a few grant apps and reporting metrics requirements and tell me what you think....

Before going to the office, I catch up on the news and scan the night's email from home, and once at the office it's game time.My day is about a third "problem solving".

From all the news I'm reading it looks like we're going to take a step back this year as far as the economy goes, is that what everyone else is seeing?

Take a trip over to the HOA management office and ask for a copy of the budget also, look up the HOA at the corporation commission's website, they may be required to publish budgets with their annual report.

Call the city to report the problem...

You report and pay taxes exactly the same way in a rental, regardless of whether it's held in your personal name or in an LLC.The issue of passive losses being locked up (they are not permanently lost) for high wage earners is difficult to get around unless you can qualify as a real estate professional (which is devilishly difficult to do).