Especially of working with preforeclosures, it's good to know laws/rules and procedures so you know what you are talking about.

If you follow those rules you'll be fine.

If one smoker moved out, another smoker moved in.A couple years ago, I started making it a rule that there's no smoking in the house.

I consider some of them, my mentors.So before jumping ahead and not knowing and understand fully what transpired (and justifying that by making a statement that's "ridiculous", simply staying with asking curiosity questions, or ask me to share an experience, you'll find out more information and all the pieces put together would perhaps make sense.Thanks,M

Bill Gulley in our state (Florida) the state courts ruled a few years back that single member LLC's offered no protection.

So what you're looking for is how to justify getting thier asset and money from it to do for them what they did for you!

I'd much rather be conservative and avoid potential (and costly) pitfalls down the road.While the rule seems to be plain, I'd like to know how it's actually implemented in real life.

Are you including taxes and insurance in your 40/50% rule?

Commissions have certain advertising rules and disclosure laws that must be followed.

It seems like the numbers could work for positive cash flow and following the 70% rule, but I'm not sure if the town that the property to rent in is a strong candidate to own the property.