It then goes on to say the previous owners filed bankruptcy, and the insurance company STILL hasn't paid (claim filed in 2008...surprised, anyone??)...

A seller who lists a property with a realtor isn't that pressed for time on selling the property, so trying to get a price discount by claiming to be saving them time probably will not work.

I don't think the lenders would have any problems with the quit claim but what about title insurance?

Neither named Operators can make that claim yet.

im newbie and learning so much. everyone here is great with the sharing of knowledge. i hope to contribute some in the near future.i am 21 and purchased my first property at 19. i quit claimed the property to my mom and partner [the person i bought it from got it from the sheriff's sale]. the property was a great deal in 2004, $30K and properties on the block are now selling above $95K.

im newbie and learning so much. everyone here is great with the sharing of knowledge. i hope to contribute some in the near future.i am 21 and purchased my first property at 19[strawman]. i orchestrated the deal and quit claimed the property to my mom and partner [the person i bought it from got it from the sheriff's sale]. i got the property for $29,500 in 2004 and properties on the block are now selling above $98K.

HiCould someone help me the following - As a passive investor, how does one claim the depreciation/losses from the investment property?

After you are aware of your laws is the time to find the best sites to help you.I can give you a few website names but they would be exclusive to Texas and Texas laws.The TV infomercials and various ad's that claim to have foreclosure lists, often times don't.A "Pre-foreclosure" is still owned by the Homeowner...

They never had a short sale packet, they claim they sent a hardship letter and they don't even have a contact at the lender.

You could take them to small claims court.