If a property owner stops paying on a note the lender just “takes” the property3.

Hi Guys,in FL,HOA is foreclosing on a house in a week - Lien of 25k.the property also has a 1st position loan (Reverse mortgage)  that also just started proceedings with no set date or "Final Judgement" numbers yet.On the details of the 1st reverse mortgage foreclosure, its only mentioned that there is 320k principal balance due.The original note of the 1st was issued 2009, with a total sum of 650k, payble up to 2081 (!!).

Our current market (Phoenix metro) is overpriced for flippers or fix to rent but I am on the lookout for a wholesaler that is finding deals that pencil in our market.  

Where are you advertising?

I am sure properties on the water have lots of potential. 

Besides the  depreciation,  tax  benefits that I would get if  I was renting to him are there there any advantages on co-owning instead of  me renting to him?

We used a HELOC on that property for a down payment and some renovations ($285k) on our now current primary residence.Our rental property has a 2.99% rate and rent cash flows over $3k a month.

It has so much traffic and popularity just 2 hours of being placed on Zillow.

I use turbo tenant on my rental because I like the buffet style business model. 

And you could also do a 1031 exchange on the rest.