-Once brother saw that the place was underwater like whoa and its condition, he said "no way, Jose," and said he would just let it go back to the bank, and wiped his hands clean of the whole situation.

If you are highly educated person, and you want to train someone who is not educated, you have to train them using baby steps and repetition until they get it.Meanwhile, Training educated people is different.

If it goes to foreclosure they get wiped out, but if you buy it pre-foreclosure, then all liens remain. 

As the baby boomers in northern states retire, many are considering a move to Florida.

.** Unless you get wiped out by a real estate crash.

We both have full time jobs and a 9 month old baby, that we would love to spend more time with in the future by supplementing our incomes.  

Put on and wipe off.

Good points about the possibility that the condo board decides to stop allowing rentals, though, or has a huge assessment that then could wipe out a year's worth of profit...

I can't drive a car off the lot (or drive a car PERIOD) if I don't have protection for insurance and while my car is one of my babies, my INVESTMENT is my baby that I'm building from the ground up. 

HELOCS are a portfolio product that a Big Box Bank (bbb) would offer where they would lend their own money as opposed to a MORTGAGE product where they can package, sell off the note and ultimately wipe their hands clean of any future possible risk.