I suggest trying to find an investor who'll buy the house for you after it forecloses.In addition if you have a valid lease, explore your rights under the Protecting Tenants at Foreclosure Act of 2009.

Rich makes a valid point. $50k or $500k, the total % of investment should be a factor.

Doesn't make it valid, legal, or enforceable in a court of law.These are important points.

The "gifting" limit is 13K per year.Perhaps if we transfer title to all three of us with a warranty deed after the close, we can deny it was a gift if the IRS asks???

There is nothing wrong with trying to buy "as is" properties, they are simply saying no warranty, buy it as is where is and what you see is what you get, nothing more.

I've had several occassions to be involved with condos, I do like commercial office, but not residential.If you're interested in them I'd suggest you know the market, who owns the developments and the operations.Construction is usually on the low end, some are built for future maintenance, just like that coffee pot designed to burn out after the warranty ends.

As Steven Hamilton II reiterated for me, and made additinal valid points, not getting an entity MAY cost you much more than the cost of one, same goes for insurance.

Credit repair has become a valid industry since the federal government gave consumers teeth to deal with credit reporting agencies and creditors.Kyle, respectfully disagree again.

The long term ride out strategy is only valid if you're not leveraged "to the gills", as so many seem to forget, and even when you're not, if those 10 years find you losing 70% of your capital on expenses and vacancies, then rising 70% on appreciation, you've done nothing with your money, even lost if inflation is counted.3.

Can somebody shed light some light on the validity of his several claims.