Read my take on it herehttp://www.biggerpockets.com/forums/49/topics/49632-u-s-bankrupt-by-2-19-guaranteed-

If you don't, you're lying on the paperwork to the bank, and most likely in default.Very difficult to get conventional loans under an LLC, even with a personal guarantee.

The builder has a contract that guarantees him first rights to the title of the house under the terms of the land contract and promissory note.

Given our loose policies about keeping engineering talent in the country I can guarantee you that it will be a major undertaking to ramp up scientific and engineering skillsets if we don't throw tax money at people to keep them interested in the industry.My wife and I are both electrical engineers and I can tell you with certainty that we both would have exited the industry immediately if we were forced to compete with Indian labor for industry jobs coming out of school.

Instant Guaranteed Approval.

Instant Guaranteed Approval.

The seller has a loan that they have personally guaranteed with some lender2.

Instant Guaranteed Approval.

They couldnt' get their money back because there is NO guarantee unless you can prove you've done a deal.

If you're buying it for $35K straight off the MLS, and it needs no work, I can pretty much guarantee you its worth a lot closer to $35K than $70K.