Unfortunately it's likely they will join Applesway as the next big failure in the commercial multifamily space. 

I agree that the failure to pay the inheritance tax would allow Department of Revenue to go after based on the lien, but I'm not certain I would jump to the conclusion that the taxes would be owed at all if there are no beneficiaries present.

Ultimately, there is a court order to disclose ownership information, and failure to comply leads to contempt charges.

I tried to look at the plus side of the deal “hey at least I didn’t lose money”, but the fact was I considered it a failure.

I'm not sure if you read it yet, but I wrote a little blog post about the transformation of ChartingYourWealth:After Several Failures, A Successful LaunchThanks for your support and help!

However, since we know that the vast majority of newbies fail in the rental property business, what that number really tells you is what the FAILURES were paying for their property.The bottom line is that accurate numbers do not exist for relatively small properties for "market required" return or "fair cash on cash return", etc.

Remember the old saying, success has many fathers, failure is an ophan.

But the natural flooding is an event that requires a flood policy for making a claim that will be covered - at least that is what my tenants discovered, or a specific rider for water backup and sump failure (not sure if renters can get that coverage - landlords can).Even a french drain and sump pump cannot "prevent this happening in the future", unfortunately; they are just a water control system that can also fail at some point, and the system will probably fail when needed the most :)

I understand that my failure to follow these laws may subject me to serious financial risk. 9.

I would appreciate any further comments, successes or failures with this approach.