[[[[.......dead beats that need to be formally evicted, and these properties often need complete rehab, or at least major repairs and also the fact that the units are OLD, this would really factor into higher expenses for YOU....]]]]]This is just my own personal comment on the above: When I buy a place, I include the cost of bringing it up to my standards in the purchase price, not in my expenses (and that is the way Uncle Sam sees it, too).Once the property is renovated and put into my stable of rental units, it is in good condition, and the expenses, as in any other unit, are almost always tenant caused.

Welcome to the boards, Sam.

Not to mention w9' and 1099's. Am

Thanks Uncle Sam.

"affordable housing" is turning into free rent, paid for by uncle sam.

There are many ways the banks could improve their own situations but I guess it's easiest to create a horrible mess and then wait for Uncle Sam to clean it up.

just stop making payments; it will take them 3-5 months to initiate foreclosure ( it starts with " notice of default"); but in the meanwhile congress will passs the BAILOUT; then uncle sam will buy your " toxic" note for something like 30 cents on a dollar; after that - most likely - uncle sam will " modify" your loan ( how'bout zero interest plus knocking off 65% of principal - would'n you make that kind of payment ?)

What would be the best structure to protect all of the partners (from Uncle Sam, our lender, and each other!!)

It has gotten me the best response so far.It is something like Dear Sam, I am interested in buying your home at 1234 main street.....etc.I have mailed that letter for the last 3 years.

A person, who I greatly admire and consider a mentor from afar is Sam Zell.