I doubt you'll get it, though.In the future, you MUST draw out your partnership agreement prior to getting into bed with someone.

Under the Form 2553 instruction (http://www.irs.gov/pub/irs-pdf/i2553.pdf) sheet, it gives who is eligible.

Usually the lein holder of the note will be there to bid what is owed against the note to protect themselves and in this real estate market it MAY be a more profitable route to let the bank foreclose, cure all other liens, and then negotiate with them without the risk of getting in a bidding war on a property that you usually can't walkthru to inspect prior to bidding.

I expect $0 in maintenance costs for the first year or two.But, if I didn't do that remodel prior to renting, the first tenant may find lots of deferred maintenance issues, and the first year of maintenance expenses could be 25% or more...

all cash, you prior service?

It needs no work, I had sellers do repairs prior to COE.

Well you can find out if it has a first lien on it by searching for the prior owners name in the public records at the county clerk's office.

Myself and the investors that I wholesale houses to don't live local to the properties I find, so I ALWAYS advocate getting a home inspection, because neither of us actually physically see the house prior to closing.

I was instructed that this information is part of the public domain so I would be happy to provide it for anyone interested.

Just know the laws and do not assume that prior success at speeding means you will not get a ticket.John Corey