I spoke with two foreclosure/short sale experts at my meeting tonight, but didn't have time to engage in an in-depth conversation... so their advice was simply "Just get the deal on paper first -- get them to sign it over to you before doing anything else."

Since this activity is within an S-corp. you will not be charged the self-employment income tax and you have the added benefits of the employee benefits John mentioned.

He has lived in WA for some time now and is pretty active on some public forums.I have lived in OR at different points.

Maybe the moderators can lock this thread so everyone who is interested goes to the other thread.The other thread does have a lot of activity compared to here.Thanks in advance.John Corey

I am more concerned about evictions and any criminal activity.

Hey Everyone, I have been browsing the site for the past couple days and have been nothing but impressed by the wealth of knowledge by the members and am very excited about becoming an active member of the site.I am a single father that has been involved in some aspect of real estate and real estate investing for the past 6 years.

Illinois RequirementsProperty management activities that involve general administration, like contracting for property maintenance (garbage pick-up, etc.) and paying general expenses (utilities, etc.), do NOT require a real estate license.

There are so many ways to invest in RE or otherwise do deals.Certain activities will be better but which ones will depend on your starting point.

the challenge seems to be in finding an escrow/title company that will allow the "double escrow" to be done.....for example: there is an escrow open that is required by the lender once the "approval" from the lender is secured....then there needs to be another escrow opened between the "buyer" and the "end-buyer" on the same property....so, "end buyer" comes into escrow with the $300K plus closing costs, closes existing escrow on the property...then the title/escrow officer walks into the next room and applies the $250K plus closing costs to the original escrow to close that one.in theory and once in the past this was the way it was and still should be...but, now as it seems, most escrow/title companies are not wanting to do the "double" escrow for reasons of "full disclosure" to all parties, for fear of not being "sued" for some type of fraud.those of us not engaging in these tactics get penalized.....but, such is life....i have a title company that has stated they will do a "double" escrow but, will need to let the lender know this fact. not disclose the "amount" the "end-buyer" is paying, merely disclose there is a 'double" escrow in effect....well, obviously this should kill the deal right at the very end....so, not a wise direction to take....

A Canadian will have to chime in to confirm.All lenders or creditors who report activity are able to have anything they reported removed from a credit report.