Geez, would a law professor be responsible for an attorney losing a case?

If those miles between home and job site are not considered business mileage I am going to lose a lot of business mileage deductions.

Now that I will be renting it out, and renting a place for myself somewhere else, how will the taxes play out, will I lose all the tax incentives from the mortgage?

I got my License in 2006, worked in the Default side of things, from my observation in the Fox Valley area (where i worked till November of 2014) values have not yet fully recovered to pre crash insanity numbers, we didnt lose sharply but are not returning quick either, while right now, activity is high, prices are not yet following, we are still down a good 10% I dont see that coming back any time soon, nor should it, prices were hyper inflated in 06/07' but who knows, with more buyers in the market that could change. 

Thank you for sharing John's web sight.  

The property is in foreclosure, but the home owner is still interested in trying to salvage whats left of their credit & not lose the property.

I won't buy one sight unseen. 

So if you have one blanket loan for all of your properties, you lose some control.

I am 23, my question is should I wait for the market to go down which could be a year or more (or maybe never) or buy now even though I may lose some equity?

So you don't want to lose a months rent, but that will seem rather insignificant if this goes south, which it might well do.