I must have been off somewhere.For me the Craigslist test was most valuable to see if there was an actual demand for rentals in a certain area.

The only compelling reason to keep it is to preserve your credit, but the practical reality is your FICO score will be compromised (not destroyed) for at least two years.Face the music on the tax due for phantom income via 1099, square your shoulders and keep investing--this time with more insight gained from this experience.

However, it does look like a cap on executive compensation for firms participating in the plan has gained approval by Hank Paulson.

Does anyone have any experience using BPO's and if so how valuable is this information and how can I use it to my advantage?

Thankfully , real estate is my job, I'm just using this to gain passive income and use my abilities to do so.I've already applied for business credit, I'm really going to try and make sure that I will have credit that isn't personally gauranteed.

I know patience is key here as well... we'll see how this goes. thanks again for the extremely valuable response.

If your gain is small enough, and your tax burden correspondingly small it may not be worth the hassle and expense.

Also I am sure you will gain not only a powerful network, but also amazing information here.I look forward to hearing about some of your new rentals you will be acquiring soon!

That makes a short sale more valuable to a lender.

If you've owned them over a year, long term cap gains is only 15%.Bottom line is that its difficult and expensive to extract this tiny bit of equity.