You should be able to learn from their mistakes and avoid them.Can you buy a 2-4 family, live in one unit and rent out the others?

He still put down 15% on top of the 1st and 2nd position mortgages. 

Finally- you can eliminate 95% of the troubles and risk by simply having professional and legal screening and management processes, so don't sleep on that piece. 

If it's formed right, typically all that's required is a certificate of trust and a few more documents to show the chain of ownership and grantee/grantor.Will this be a rental?

This happening in 05 to 08 and there were builders with 50 to 200 specs and they lost them all I bid on a 100 home package in 08 the houses were selling for 225k to 250k in 06 ish and we were in contract for 120k each..

No one talks about it because they talk about the process, the asset, and the numbers (all relevant), but all you do is focus on the spreadsheet and the photos; you will miss the issue.

Making millions a year and often paying $0 in taxes.Short Term Rentals supercharge this:RE pros use cost segregation and bonus depreciation combined with leverage to create massive losses with minimal cash.Combined with 1031s and snowballing, you create a business that never pays tax.

You need to have a heart to heart with them on your needs and plans. 

Hi Cecily and John! 

Selling the long-term rental and the lots could be a good move to reduce debt and free up some cash flow.