Its very rectangular so half of it could be made into something else perhaps inexpensively.I'm just trying to think of what may bring this house hope and then figure out what it will cost so I can shoot across an offer.Thanks a lot!

I know its not the ideal situation, but we don't know how else to get started.

I have a feeling he's bought it out from under me, or sold it to someone else.

Harbinger is correct; however, EddieBoy is asking about something else entirely.

We have no desire to work for some-one else, because the way we get things done, we don't get the proper pay, meaning wages stink..

falling in line" means - do what everybody else does.well, after figuring out how to handle my grandmothers estate - which no freakin lawyer could have done, or at least not the ones we were working with, i said to myself - i'm going to do this!

If anyone has any experience in this holding period mess I"d appreciate their input.

I am new to this website as of about mid december and I can not tell you all how great it is to be part of something like this and how much i have learned from everyone elses questions/experiences!

It will take work just like anything else.

lot going on in this post.first, no way will you get a 5.5% on a non occupied investment property.(2) you *may* end up with positive net income on the property without having the mortgage writeoff - this means a visit from the tax man. as an investor, the "write offs" or tax deductions you will receive, if your business entity is structured correctly and your CPA knows what he/she is doing and you keep tabs on it, will far exceed any write offs you will earn anywhere else...look at it this way...IF...you HELOC...taking 100k out of your property...now you've got 100k to invest in an reo or other distressed property - CASH...real estate is about leverage...but with the CASH purchase, it frees you up to do many different things down the road...IF...you "buy right" (below market value > 30%) - combined with the CASH purchase, you'll create a return on your investment that is EXCELLENT.if you took an arbitrary 100k (from anywhere, say it grew on a tree) and you stuck it in a savings account earning 5% (which is a lot for a savings account)...compare that to the 20% return you'll get off the monthly cash flow from a good rental...not to mention depreciation..and future leverage options available to you through this investment...the returns just compound.now this all deserves a qualifier...we don't know the specifics of your current home, your finances, what you owe on it currently, other debts etc.all that must be taken into account.