Some judicial states take forever and costs a lot of money.With lending you have the return on the interest rate and your velocity churn with the points.

I wouldn't condone this forever, but it is a great way to learn the business while capitalizing on limited resources.Good luck!

If I keep it, I'm thinking it will appraise for 100k and the bank will loan me 80%, so I could potentially profit 8k from the mortgage, and then put a renter in there and let them pay off the mortgage, and I own this house forever.

At 29 we bought our "forever" house.

I could go on forever about investors and what they need to do to be prepared to jump on an opportunity when it presents itself like Bill did, but that could be a book to be honest and I don't want to bore anyone.Yes, they did find this deal on the MLS here in Connecticut and there are properties that fit the newly coined "BRRR" strategy here in CT which is what Bill hopes to do with this property as he outlined.

I might keep this house forever!

I recently took a look at myself, realized its my own fault for where I am, and I needed to change or I'll be stuck forever.....or like my dad who lives in his car in California.  

If you have strong rent growth and appreciation it might work since you are living there.Is 850 a month market rate for that unit or is this a legacy lease where rent has stayed flat forever??

But it just seems like either I rent it for ever or do something about this. 

So a couple might be able to use a 401(k) to reduce their income, along with an HSA if eligible, or dependent care account if you have a child.And the loss isn't gone forever.