I joined UBS (at the time it was UBS Painewebber) as a financial advisor.

I most recently, had a call from someone that knows me, and said "call this guy, he has a 300 unit building and may want to sell" so the power REALLY is in networking with attorneys, loan officers, your county gov and local boards, financial advisors, etc. etc. etc.

There are some that believe that it is good government policy to have your population living in fear, particularly financial fear.

But I think this entire thing is kinda a result of bubbling with the government messing around with the tax system for political reasons... but regardless of the reason, i wasn't too certain about a full blown "depression" but that very well might happen depending on how badly the gov passed "financial rescue plans" for the mortgage crisis will go...

I know a newbie with good financial backing who bought a large short sale in October.

That is a sure fire way to open the doors for leagl and financial liability as any competant attorney could "break the corporate vail" by proving the entity and you are one and the same do to the funds being comingled.Always use an experienced RE CPA and attorney when setting up and operating a RE business, regardless of the entity chosen.

If I'm in a decent financial standing when I'm old I will put it up for sale and the young family member who promises to keep it for ever might get it for free.

But do not count on the extra cash for closing costs or rehab.The lenders are now giving their 80% LTV (or 75%) of the sale price OR appraised value WHICHEVER IS LOWER for investment properties.My best advice is to go check with the bank first: ask these questions, get pre-approved, know your financial limits, etc.

I dont' see any reason to cut into my golfing, skiing and traveling time in order to accumulate more financial assets.

I fear that I will get scared off by this and end up not pursuing law or something else and end up being something of a financial loser my whole life.