Whatever may be the reason for falling behind on the payment of the loan money or the mortgage money, you should immediately approach a specialist’s assistance.Pro Active ChoicesThe short sale in real estate occurs when the outstanding obligations or loans against a property are greater than what the property can be sold for.

The only thing I can suggest is to go and have a sit down with a couple of different management companies that specialize in managing vacation rentals and gather some information from them.There are a lot of vacation rentals in my area, but oddly, even though I know a lot of people active in several different areas of real estate, I don't know anyone who has vacation rentals (except for one friend with a B&B, and that's not really the same thing).The only thing I know about vacation rentals is that they are extemely management intensive and the management companies charge a substantial fee.You have turn over every week, and someone has to be there to clean, repair, asses damage, and inventory all the household items.

But now my RE activities are taking the forefront and I've all but quit accepting environmental consulting jobs (former day job).

Here is a make believe situation:-Sellers sign contract and other info needed to get bank to work with me-1st accepts $70,000 on a $100,000 loan-2nd takes $1,000 on a $40,000 loanAt this point since I dont own the property, is it illegal to meet with my rehabber and put the property under contract with me as the seller?

It will kick you out after a certain period of time with no activity.

HAS ONE ILLEGAL UNIT CONSISTING OF 4 RMS, 2 BEDRMS & 1 BATH & RENTS FOR 760/MONTH.House was built in 1910 so I’m sure it needs some TLCAssessed for 385KAsking 395KMonthly income is $3500 currently all units leased.

:cry:Actually there are a LOT of taxes not mentioned.I've been pretty active in the stock market for the past couple years.

However, some lease options are set up where the tenant is responsible for maintenance and repairs.That sounds good in a theory, but it's illegal in most states.

The site doesn't have all that much activity, but there are tons of pros on there that know exactly what you need to know. http://www.construction-resource.com/forum/

Since my agents are also active investors, I have them help me map this on to a “rental map†of the area.