It could cost you all of your interest deduction, which may be tens of thousands of dollars.Another thought that just came up is the asset protection side of the coin in doing this.

You are renting.The capital gains treatment applies after you own the asset for 1 year.THough you could reduce your tax bill if you held title long enough to fit the capital gains tax treatment rules it might not be the best investment decision.

Holding long term is best done in an LLC where the asset's value can be taxes at the member rates (any pass through works in this case).

I have read many postings in this forum which indicates how much difficulties of dealing with asset management firms and such.

It's not on any of their asset management websites, and I'm trying to find out what they are planning to do with it.Feel free to PM me if you don't want to post the infoThanks in advanceSteve Nicewarner

I'm currently trying a short sale, just got off the phone with the seller after having met her this weekend, authorize to release info is filed with the lender so hoping they get out their short sale package soon.

I am going to find this site to be a tremendous asset.

Tiara,Did you ever get a copy of REO Rockstar author Preston Ely?

When I was an REO asset manager I threw away the buyer's repair bids without reading them and made higher than normal counter-offers just so they'd get the point.Stop sending useless stuff with your offers.

I.E, reo pools, asset management companies, We do have experience doing it, just wondering where I should look for new clientsThanks