Ok, So I have been speaking with Private Money Exchange about pulling money out of one of my properties.Here are the numbersLoan amount $23,000Closing Costs $6000 - Taken out at closingCash in my hand at Closing $17,000 and no money out of pocket24 Month Interest only $3450 - 15% intereste rateBalloon of $23,000So it will cost me $10,000 to get $17,000 cash....

I've passed out several applications and even collected application fees, but it seems that the email exchange process required by tenant screening services (like BP's) is too much for most of these potential tenants.

Talk to your landlord and see if he's willing to stop the process in exchange for the rent.

Once you make that relationship, then you can settle out on costs in exchange for continued business.Good Luck

This means they are not operating at a fully legal level and could be fraud.The foreign LLC information is as followsDocument Number: M07000001265FEI Number: 205525148Filed: 3/2/07 State: NVStatus: INACTIVE / REVOKED Date: 9/26/08Address Principle: 6100 Neil Rd, SUITE 500, Reno, NE 89511Principle/Registered Agent: Brian Higley 772.221.1010NEVADA FILING INFORMATION Corp Number: E0652782006-0 Status: ActiveThis means that the company is not able to do business in Florida, but can perform operations in Nevada.

So we are talking about 2009 tax year here.To defer Capital Gains, look into a 1031 exchange whereby you purchase another house with the proceeds of this one.

is it possible to do a 1031 exchange and buy the new property before selling the one that's being exchanged?

If you set up the entity in NV or DE other states will force you to register as a foreign entity.

Hi guysIs anyone here a foreign owner of US properties for the purposes of rental?

You may have the challenge of 1031 rules, I don't know the 1031 rules exactly, but I think the property you exchange into has to be higher value and more equity than you had, so you may have to add some additional cash.