I know the replacement board will have to be cut, but will that be one or two pieces--in half, or two large pieces and one narrow one?

And you're earning exactly nothing on your investment.Even managing it yourself and collecting the property managers cut, about $400/month, you're still in the hole.Never buy based on what might happen.

I am concerned because I have been told that the bank won't allow it even if the contract is signed.

:roll: I have to say that I’m have not been concerned about how much more prices will drop in order to do deals.

The flip side is I use my cash and cut my reserve in half or worse.

That's another main factor no that the # of financed properties has been cut back to 4.My recommendation is to get in touch with a mortgage professional that specializes in investment loans like this.

They got used to spending that money, they sure as hell won't cut back.I found a house in a town 10 miles from me, typically known as a town with high taxes.Its a bank owned propery on the market for 225k, its 08 assessed value according to MLS is 343k.

Well, then you are probably upside down on all of them.If you are concerned about your FICO, anything less than a full 100% payoff or keeping the payments current until the market turns around is going to hurt.Many will debate the degree of the pain but at this point, there is not much point to it.

So, as far as I'm concerned (and in my lease) they would owe me for October.

Then, he'll just need to follow the laws in California concerning evictions.Can he collect money from them for lost rent and utilities?