Hopefully you have limited your exposure in the deal.  

After a stunning collapse on Friday (close to a 50% fall) due to exposure in shaky securities linked to subprime mortgages, it was reported today that Bear Stearns, one of the Big 5 Investment Banks, will be acquired by a dismal $2.00/share by JPMorgan Chase.The deal prices the bank at an almost unimaginable $236 million dollars.

Put another way, you'd be diving into a complex profession with no experience, massive risk exposure, and no support network.

Your risk exposure as a flipper is similar to that of a builder and as such you need to operate through an entity to limit your exposure.

Perhaps they want to reduce their cap gains exposure by carrying a second, or perhaps they had enough equity, it was worth the cash flow on the note.

Banks, and mainly European banks, have large exposure to emerging market debt of all types through both sovereign, corporate and individual loans.

to get maximum exposure to the market.Also, the pricing of the short sale will be fixed by the bank in a Broker's Price Opinion (BPO) according to the comparables, so no matter what price your homeowner agrees to, it has no standing when the bank names their price for the house.I only way I can see you making money on this is if you either refer it for a fee to a short sale specialist in your area (please check to see what the referral laws are in your state) OR buy the house yourself if the BPO comes in at a good price.

We are rehabbing an property that we will occupy when finished, what parts of the work etc can I deduct or use to minimize tax exposure on the property?

Lead exposure is especially harmful to young children and pregnant women.

void any relevant exposure to the counter party risk that is reeking havoc to basically every major investment bank at the moment.