There is not enough space on the side of the house to expand it to two car width wise, but there is space length wise to lengthen it and turn it into a two car tandem garage or add a carport in addition to the single car garage.

I think it is wise to use separate entities for each asset that carries any liability. 

You are wise to consult with an attorney.

If you are going with a short term loan, keep in mind it may be harder to be okay DTI-wise, as the monthly payments will be higher than a longer term loan. 

I do agree though that accepting a contingent offer on a short sale is typically not a wise move for a seller or listing agent.

Having a strong income and spending wisely are the first 2 steps, but then you need to put that money to work. 

Real estate wise!

Tax, hassle and cost-wise from a 10x Napper that makes a ' living' saving money and reducing headaches...Best would be occupy for at least 2 years and sell tax free.2nd best, hold as rental for at least 366 days.

You are wise to be concerned, legwork up front will save you much stress and potential trouble down the road.

In the scenario I painted, it would probably be safe to assume the distribution would be far in excess of the basis, so I'm guessing that would not be treated favorably tax-wise.