Once they reach a decision point and a certain size they do one of three things.

I am wanting to start rei and I find myself with poor 600fico.

I can just go buy another one with 100% financing and I don't need any refi to do that.I do have excellent credit; a history of success over the years; and a good long-term business relationship with the decision makers at my local banks (president and vice president).

In markets like Manhattan and Brooklyn for example, this does not work nor does it work in any of the (non-declining) major cities I canvas.Thanks for your reply…as I am getting more firm in my decision to walk away.

Poor credit does not automatically mean a prospective tenant will not pay rent, so I can see how it is you came to rent to her by giving her a chance.

Shorts (especially occupied ones) can be locked up under the contract until the bank decides, where REOs can have offers submitted until the decision is made (up to 2 weeks).

People make very bad decisions based on emotion.Get educated about the local laws and your recourse and make a logical decision.Good luck!

The idea is that we each put in $50-100k (we haven't reached an exact decision as to what the buy-in will be) and split profits evenly.Here's where it gets fuzzy for me.

This 'new economy' sucks. I just finished rehabbing two homes in NJ and I cant find any buyers. But thats not my issue, I expected that.

My issue is using any excuse to turn down my refis....

That was your poor financial planning that caused the whole mess, and leaving your dad to hang for it is absolutely wrong.