You want to make sure you are disclosing that info to all of the lenders involved or else you and your mortgage broker are committing fraud.

What are my risks involved?

The only compelling reason to keep it is to preserve your credit, but the practical reality is your FICO score will be compromised (not destroyed) for at least two years.Face the music on the tax due for phantom income via 1099, square your shoulders and keep investing--this time with more insight gained from this experience.

But, I'm sure they won't see it this way, and many will trash the property (I look at a lot of REOs), stealing yet more from the others involved in this deal.

Hi Dick,I started investing many years ago and sold those properties for a profit.Since then have been involved buying and selling on a small scale.This year with all the foreclosures there is a lot more opportunity.

My daughter was a realtor and got involved in several commercial deals.

I'm not an expert but I know some of the questions involved is how many units are vacant, how many are rented versus owner occupied, is it managed by the constructors or by a tenant board, status of HOA balances, etc.

I have a good friend (involved as I am with the Cub Scouts) and she's losing her business do to slow sales and nonpaying customers.

I am seeking help with getting involved with investing.

Just trying to learn the site and how to use it and be involved in discussions that take place.