As I see it, the only things you can claim for 2008 would be Schedule A deductions for property taxes and investment interest, but only if you itemize.

I've spoken with one title company here that claimed they would do that.If you trust your friend not to try to screw you, you could loan him the money in a separate, unsecured transaction.

I'll get there once claim season slows down.

But just keep in mind that unless the property goes through the tax foreclosure process then any and all liens against the property still are existant and in full force.You still can find good deals this way the same as finding any distressed homeowner who will accept a lot less for his property than it is worth but you will still have to deal with any legal lien claims which could kill the deal.And then you will find those that did not realize that they were the actual owners and you will be alerting them to pay the taxes so as to keep the property.

Look forward to networking and reading your contributions from a legal point of view.Until now, Greg was our only regular contributing attorney/investor here.Will B

I do not get why you would not want to claim ownership - and the willingness to jump through hoops to hide it.

Your friends probably aren't in the few.If you're going to do a regular listing, interview several agents and say you want a 90 day listing, and you want it sold in 90 days.

The owner has not seen the property in years and although she claims she knows the neighborhood has gotten worst since she lived there (20 years ago), it appeared that she is still thinking she owns a diamond in the rough.

A tightening of the market or more stringent processing could wreak havoc on those regularly financing.

How did you know this property was a good fit for brrrr instead of regular flipping?