You want your S-corp. to be your management company because you don't want your losses from the ownership of the property to be suspended in the Corporation, but the income from the management fees are ordinary income and are not subject to SE tax.

What he'd like to do is borrow against the subject property, taking out some funds for repair.

I've been looking into buying some section 8 rentals lately and I found a great book on the subject "The Section 8 Bible " available at www.section8bible.com Its a little expensive but it had alot of useful info in an easy to read format.

Keep on subject.

when i brought up the subject of having the other personal mortgage for my personal home - it was played down, but i knew somewhere in there, that you have to sign something stating that none of the inquiries have resulted in other loans.

I have an e-book written on the subject and I would be happy to talk to you about the business.

Lease options, land contracts (contracts for deeds), seller financing, wholesaling, subject to's, and some types of creative financing are all possible options for getting started with little or no money.I would recommend that you consult a qualified attorney on the legal issues of any of these creative investment strategies that you pursue.

Yes, there are books on this subject because there is too much information to cover here.

G'day James.I smiled when I saw your subject line.

When you buy at foreclosure, you are buying a property subject to all other superior liens.