Did you know you have to have a credit score over 720 to get an NMLS# at some major banks.Credit Unions and nationally chartered banks are exiting the mortgage business because of compliance issues.

Investors just don't run out copying notes and doing contracts without an attorney, every state is different.As I've mentioned before, the issue with financing books is compliance and differences state by state.

I called code compliance office and found out the the house is not condemned, but was called in for the trash and vagrants living there.

The cost of the repairs is what scars me though, I wish I stayed there with my team I would be all over that deal today and if the numbers came out to my favor I would pull the trigger and offer $7k-$8k first to see if they will come down on price even more because they sound Motivated!!!

This would most likely result in that $10,000 being considered a distribution, triggering a 1099 issued to you.

I did have my assistant Vanessa double check the numbers we were given just to confirm, but I know and trust this guy well enough to know he was telling me the truth and that allowed me to commit and pull the trigger rather than have someone else get the house.  

How do I get it under me without triggering huge taxes or an increase in yearly taxes? 

You do the research on a stock but for whatever reason are hesitant to pull the trigger or maybe sell a bit to early or too late.

I have 1 year to pull the trigger on a property as I want my sibling to be able to live where she can work, learn to manage R/E,  be in a location that is in close proximity to the university where she plans on attending her 3rd and 4th years of higher eucation.

If the home owner is really a hoarder, removing the junk would trigger a negative psychological response disallowing them from doing so.In our experience, they home owner stayed an extra week picking through their trash with the help of a dedicated friend.