Using the gift tax exclusion will not be helpful because he will be reimbursing the LLC over a short time.

Seeing as how I probably wouldn't be able to sell the property with the added 2beds + 1 bath without digging down -- a cost we're not willing to sink into this property yet -- it seems like just adding the stairs without permits (but up to code) is the way to go in the short term, just so we can at least get to the basement without having to go outside.

Offers can be less than the current mortgage payoff, otherwise known as a Short Sale.What equation are you using?  

I have several off-market rental properties coming into inventory shortly, so I'd love to hear about what you're specifically looking for.

Life is too short...

A little background on the area: it is in a smaller East Texas town that has a great school district that attracts a lot of families.

Is it short term / long term lease?

That doesn't count (and I had to sign something that I would never reveal how much money I walked away with).2) I use to be the king of the short sales in 2009 until they passed some laws that basically made going after pre-foreclosures very risky.

Looking short term to do another 3 deals using easy conventional loans with my partner.

Honestly, I am not sure if I am looking in this area because the deals are right or because the prices seem low and attractive to a beginner.