Besides the two holes in the wall, have you done an inspection and how bad is the rest of the house?

I thought I read that banks must keep a fixed dollar amount liquid for every dollar of bad debt.

Remember to confirm that you can get insurance on it (lots of redlisted areas) and how bad the property taxes will be with no exemption.Forget the "benefits of leverage" angle.

(too many bad memories) She said that she had talk to a few people about selling the house but stopped because they seemed "sleazy".

Maybe not every month, but as you've figured out, bad things will happen occasionally that will eat a lot of money.Over the last few years, lots of people bought property and rented it.

Specifically the "good" and "bad" areas of town.

I specialize in rehabbing houses that have "good bones" but are in bad shape.

Too bad you are a vicitm of the times, but with your knowledge and experience I am sure you will have no problem getting rehired.

If you have your personal business and several properties in one LLC, if something goes bad (a lawsuit) all of your properties could be in jepordy.

Now that's not a bad strategy.