Do him a favor and call the city inspector and let them know you were forced to vacate due to exactly what you encountered,, and if you took photos of the stuff send it to him in an email.

X was able to obtain what’s know in the industry as a 2/28 ARM (2 years fixed, amortized for 30 years).

So, now, you are forced by circumstances to not live in that place anymore, and can't sell, or can't sell without a huge loss, and can't rent, so still must pay the mortgage, dues, fees, asssessments, fines, and insurance and taxes, r&m, etc, on that house, too, you may find yourself in a tragically untenable situation.

You do NOT want to have a Partition sale forced by the court--that would be very expensive, so if nothing else, address that issue.

I'm still not sure if I/O or ARM's are good for short holds(flipping) where you'll sell before the low int. rate changes; or the market drops.

Vacancy, collection, and concession losses are non-trivial and are typically lumped in with the brute force 50% figure 4.

I have 3 houses, none have enough equity to refi. through circumstances(arms) and repairs I cant afford them all.

The EPA has just notified that her sewage system is not suitable and is forcing her to correct the problem.

You can't just simply buy a house slap paint on it, new landscaping, floor and expect to sell it for 5 digit profits.We all know that the subprime fallout has caused lenders to force many into foreclosure, these numbers are only expected to grow through the next 1-3 years.So would it be wise to think if you were looking to get into the flip market that these foreclosures would have the potential to be a profitable investment?

I believe the offer fixed rates, but the ARM's are more intriging for a flip, but of course risky.So that would be my general outline for a plan.