But that's another subject.

On a flip you are subject to ordinary income rates instead of capital gain rates.

-if prices do not rebound we will need a plan beyond that and it will not be pretty-this can and will hit the rental market in a variety of ways and here are a few potential issues i see.1. higher end rentals could see prices drop or vacancies increase as this type of downturn could hit middle to upper income families that have not budgeted or who see their jobs or incomes decrease as companies tighten their belts and cut salaries or even lay off more folks.2. low income rentals would see more evictions and more late rent payments and potentially small decreases in price - while many of the low income families in town do not work for the oil and gas industry they do often work in service industries that are frequented by oil and gas folks or depend on programs that are subsidized by oil and gas money in our state budget. 3. property prices and values - prices are being driven up on investment properties mostly by out of state investors as there are very few areas where you can get a "decent" property for under 100k and we are still one of them. 

On my third request the subject was ignore even while still communicating with him and his team on related subjects.

"best" is very subjective.

If you depreciated the property I believe it is still subject to recapture, even if you qualify for the 121 exclusion ($250k primary residence exclusion).  

Second is where the subject property is.

He may not actually have a license and in that case he can't collect anything and could be subject to sanctions imposed by your state for contracting without the proper license.

I can't recommend any books, but for foreclosures and tax deeds, a good place to start is to get all the info you can from the sheriff or court house clerk who puts on the auction, and read the state's revised code/statutes on the subject.

They just don't have the expertise or development knowledge to have a buyer's list with people who want land and the value for land can be subjective when there are not a lot of comps.