Let's get you started on the ownership path.Pull the trigger already - why-don't-ya :^)

Quite opposite to the impression I gave Jon Holdman and Charles Perkins, I was actually kind of hesitant at one point to pull the trigger on this one.

The income triggered from the forgiven debt would be ordinary income, right?

I been doing my research for almost a year now and during the process of pulling the trigger I contacted a few local lawyers to assist me in creating a joint venture with a contractor I have been working with in Cleveland.

Anyway, here is my perspective from an investor mind set stand point:If we as investors could have the opportunity to access hard money at more competitive prices similar to what you can get in the private world, most investors would skip the hassles and possible non-compliance issues that private money usually brings, and would go directly with hard money lenders.

Please don’t let this turn into a political debate.Are you more, less or just as likely to pull the trigger on a thin margined flip, a long term hold or as a private lender a high LTV loan to a marginal borrower if you believe taxes will go up in the near and long term?

The SEC compliance issue is no joke, everyone seems to claim that they have the secret formula to approach possible private money lenders in an SEC compliance way.

If HUD concludes that the 12-month residency requirement is essential, as appropriate, it should monitor compliance and enforce the requirement."

You should not take any tenants that have a medical practice on the second floor even if they are OK with limited accessibility unless you are planning on installing an elevator.July 1, 2013: SB1186 went into effect requiring all commercial leases in CA to include whether or not the property has been inspected by a CASp and if not what level of compliance the property is in.This is very important to Bigger Pockets members:I have personally seen companies looking to purchase properties use there CASp inspection as a bargaining tool to reduce the purchase price of the property.

I have 3 quads I am looking at from 99k-119k that rent for 550-650 that I am unable to pull the trigger on yet.