I'm betting my real estate lawyer is smarter than their lowlife, legal aid, scumbag lawyer!

You take ALL of your money out of the property, PLUS some of your profit when you refinance, the house still cash flows, AND you still have over $40k in equity.

To really contribute here, I think my best bet is to try to remember:a) Not everyone knows what I know-- no matter how basic-- and to try to share detailed information on what I've done as time permits and,b) Remember that it's not just about the nuts and bolts and the how-to, but about keeping the right attitude, and bearing in mind that my own unique way of looking at something and my own attitude and approach to life may be as big an eye-opener to another person as all the specific techniques, and strategies I use.Thanks for your time and have a wonderful biggerpockets dayDitto :beer:

This is a 1 acre lot in a very affluent area and I bet the land value is worth around 80-90$ to begin with so it may been a good deal.

That will let you pay the mortgage and maybe buy time to either sell or later reduce the interest rate through a refinance. 2-3 years of working two jobs could be a lot better than 7 to 10 years of damaged credit.

Or the option is bought back later (canceled) when the investor wants to refinance or do something where having the option on the title is an issue.

Countrywide to Refinance Up to $16 Billion of Loans I know we had discussed the idea previously, but I wanted to get everyone's take on this now that it's in motion.http://www.bloomberg.com/apps/news?

In that case the best bet is the seller.

Your best bet would be to find out how long it has been on the market.

When you have refinance expenses 6 months after acquiring your replacement property with commercial loan do those expenses go into your basis or do they go on Rental Expenses Schedule E?