I've only had to evict one tenant so far and it was less than 2 months from the rent due to the sheriff coming to the front door.Of course, many landlords make it hard on themselves, like not signing a written lease, not starting eviction proceedings ASAP, playing "tiddlywinks" with their tenant, trying to handle the eviction themselves out of a NOLO book, etc.

Some states allow you to claim excess proceeds if you don't pay the taxes, it goes to tax sale and sells for more than you owe.

The reason I'm asking is because a lawyer won't allow him to be on the hook for much, he'll advise him to proceed with the foreclosure so they can get the bank to blink.

John T Reed is a blow harded old man with way too much time on his hands.A lot of his ranting is nothing but bashing others some for whom don't warrant it.He's just a bitter old man.

Paid off 80k with proceeds from previous sales.2.

I'd like to put a worst case $10k sticker on this and proceed.

But it really is pretty straightforward.The complexities arise because of (1) old wive's tales, ie; "they said" and "everybody knows", and (2) gurus telling people that "you need to incorporate".I can't believe how many times in a month I hear or read someone who thinks that; you have to "roll over" the proceeds from the sale of your personal residence to avoid paying taxes on the gain.

Can I declare the TD substantially worthless for a particular tax year, than if the TD is ever sold, recognize those proceeds as capital gains?

The seller isn't obligated to agree, but if he was happy with his net proceeds at the outset of the deal, perhaps he'll be happy with the same net proceeds now, despite his potential to earn a bit more.

I am just starting back up and need to know if I should proceed or "due" more diligence.