You don't even have a letter from the deadbeat's lawyer yet.

If you don't get your deposit or a detailed accounting, you should get a tenant advocate or a lawyer, and file against the owner.

That's over simplified, but you get the idea.So, if you're willing to sign up for something like one of those, you could figure out a value, figure out the value of the annuity payments, then set it up legally with a lawyer.

Get a lawyer to help you with this.

The point I am trying to make is that you cannot rehab a 25K home as a rental and expect to flip it in the same condition, by time you get ready to sell it, you are going to have go back in and reinvest more money in it in order to make it marketable.

There is always opportunity in real estate, depending on the market conditions in the area, there is always a strategy that can be applied to be profitable.

I love how they add "My friend is a lawyer and he/she says this is legit".

i was looking into buying a property that needed a loan under $50k about a month ago - one mtg broker i spoke with said that especially w/market conditions right now that almost all lenders need a loan amt of at least $50k for an investment prop, and a max 90% LTV loan.

However, with radically changing market conditions here, a new plan was clearly needed.

Yes, you are correct... sounds like he is in not that bad of condition financially.