John,You should be looking for assualt rifles, bloody bodies in the street, piles of cocaine on the sidewalk, and perhaps the occassional 35 ft fireball.

These guys never want to leave and one said that he would only leave "in a body bag."

Believe it or not, B of A actually took much of the loss on flooded properties arising out of that storm (and indemnified by the government) due to the disaster.

Since you don't have a security agreement to govern any foreclosure, you'll likely be ordered to go with a judicial foreclosure and there, you could be slapped with paying your tenant to get them out.Also, the SAFE Act specifically mentions Options and also includes language that leaves any method or scheme that effectively extends financing in a transaction or that attempts to circumvent the intent of the Act.

Makes you realize that government has gotten way out of control, and that is a large part of why we are in debt.

Taxes on these properties can be killers some times.In Atlanta you have houses for 15k that rent for 400 to 500 a month but taxes are insane at 3,000 a year based on previous assessments.Atlanta has a 100 year old sewer system.The infrastructure being old means local government will find a way to put this cost on the property owners in the future which will affect cash flow.How much land does this property have??

Sounds like a win/win...but this is government right

My undergraduate degree was in Physics and I received an MBA a few years ago.I can't tell how useful the physics degree has been to real estate, but I certainly understand the thermodynamic principles that govern the vapor cycle in your typical residential air conditioning unit.

And state law governs.

I worked on assembling commercial projects for big developers.A key component is financing.I can't tell you how many projects I have seen start to end up being foreclosed on.The equity partner ends up suing all involved.So before any money is invested proper disclosure need to be signed using an attorney to CYA.One of my friends revitalizes downtown districts using credits from the government to offset costs.