The IRS has set a precedent where you can pull it off after a year of renting it, but you will have to provide a good reason for the quick exchange if you're audited(moving, job change, something...).

A quick comment as I do not have the time to read the full thread before running out to the store.If there are junior liens then consider their position.

If you know their position there is no need to continue to read what they post as they do not change their view.

One time it is really hard to tell is when they paid down the loan early but have not paid it off.Knowing the seller's position is important.

In my position is this something you would pursue?

Will be paying me rent (positive cash flow for me).

For example, if I buy a house for 200K, put down a 40K deposit, as an example, and generating positive cash flow.

Some do seem to be headed by those who think they were knighted into the position and enjoy making it difficult for residents.

They are refusing to refund my 8 pre-paid, unused, phone months as well.If anyone else is in that position here, please pm me.

He gets out of trouble and pockets $40K (I don't know if there is a 2nd or 3rd position or back taxes at this point) and I get a house with $30K in equity.