The government would never let BofA fail... they've "saved" far less integral companies.

Then just give them that notice.If they fail to move within the allotted time, then you will have to pursue eviction.

My take is that it used to be easy to make money rehabbing...the market continually went up, so if you waited long enough, you'd recoup your investment plus a profit...These days, you have to know what you're doing to make a profit, so it's much easier to fail.

That's $36000 "tax-free" cash in your bank account.This is the concept behind the tax benefit of owning rental property.Bryan,"Boot" only applies to the 1031 exchange.The most common form of exchange today is the Starker exchange, also called a forward exchange, wherein a qualified intermediary will facilitate the sale of B's investment property to A, and the later purchase of property from C to replace B's investment property.In the forward exchange, the completed exchange is fully tax deferred if the value of the replacement property equals or exceeds the value of the relinquished property AND all of the net proceeds from the sale of the relinquished property are reinvested in the replacement property.If either of these two conditions fail, then there will be taxable boot.

I just want to urge some caution when jumping into the renal business on a tight budget.Good luckChristhanks for the incite chris, seems like you don't want to see me fail and I appreciate that, i think the most expensive part of a home that needs work would be water damage and a new roof correct?

If banks fail they fail and there is no need to bail out large banks.Back to levity though!

I failed it with a 70 and am thinking of taking the cram class you did, do you recomend it?

I believe so many fail in real estate (and business in general) is because the idea of owning your own business, managing your own time, and being your own boss sounds great.

Who would be for having states that can't manage their affairs properly compensating other states for their failed policies that wreak havoc on our financial markets and subject ALL citizens to increased taxation and/or inflation?

Bottom line, though, you need to try to determine WHY this property failed for the previous owner before you decide to take it on.And don't forget to ask how much, if any, you're going to be liable for in terms of security deposits.