Of course, all the floors will also come up.I talked to a foundation guy but he was not very forthcoming--he just said he would have to look at it after the damage was done.

Learning to operate under significant pressure, crunching numbers, how to effectively manage time and dealing with very angry people.

But I'm curious, and the tax guys can probably give examples, if you are at 155,000 and you have hit a phase out/rule that says you cannot deduct 25,000 in depreciation, isn't your effective tax rate on that last 5,000 over 100%?

Is driving for dollars really effective or is there a better way to find motivated sellers in select areas?

Usually not, unless your contract has wording to that effect.

Two in my area to date, one Realtor seller financing without a license but don't know what the damage is, it's probably not over.The other was a mortgage broker in using the seller financed notes as collateral to pool funds, unregistered security, originations not in compliance, investor fraud, mortgage fraud, mail fraud, you name it, he's by now in the state motel.

Walk-throughs with maintenance reports would likely not be cost effective for them to do.

The codes concerning water connected to 220V that people climb into are pretty specific.If the tub burns up and/or the house burns down, their insurance and your insurance may not cover the damage if the tub was not properly wired.If you agree, in writing, to allow the tenant to repair or modify the tub and/or the wiring you are effectively putting your own head in the proverbial noose.I work on a lot of tubs at long-term and short-term vacation rentals.

That is how you protect yourself if there is damage or arguments.When you hand out applications, it should say on there somewhere that you reserve the right to accept multiple applications and once and reserve the right to accept the best qualified tenant.

What is the worst thing....the lender takes the property, they ding your credit, your credit goes south, your insurance premiums go up, all other credit costs you more, you won'y qualify for another mortgage for a few years, and who knows what other collateral damage there could be in your life......best thing is to pay it or sell and get out and avoid the issues. :)