Otherwise the owner of the other TLC must be paid off at that tax deed sale in order to clear title.Much of this also depends upon State statutes which give each county an option of which way they conduct the various tax sales that they can conduct.This is why thing vary not only from State to State, but from County to County within the State.This is why I indicated to the OP that he should go to the county and ask how they apply the State statues in their county as it can and does vary.It is not good enough to know the State laws, but also the local county laws.Then there are properties that make it through the bidding process with no bids on it and therefore are bought by the county.

I'd have to say that may indicate HMLs in CA think prices are going to fall and want to be sure you have enough skin in the game to cover the potential price declines.

The 50% rule is the best indicator of the return.

Has he mentioned anything to indicate he might want to sell this house?

The fact you could get this loan is an indication of how stupid lenders were during the boom.The reality is that you didn't buy this house at all.

Here what happen : I been receiving emails from a different Acquisition Comp /personwith potential properties he had to sellWell 1 of my buyers ask for properties under $16,500,so I go check out this person inventory (seller ) and sign Optional contract to pick up a SFROptional contract indicated:he can sell the property to someone else until I sign a Purchase contract Their Purchase contract was for 10% down and closing within 5 days I tried to wholesale it to my rehabber investorHe sends me email indicating the property on Econohomes for around $8700 and that I'm selling someone else foreclose property without permission / titleI questions the seller and received no responseFYI : I'm cancelling my optional contract asapNext time : I guess I will have to not only check the source (seller) , but to see who truly owns the property [MLS]Due diligence all the time

How vigoursly you disclose and defend your position is an indication of moral and ethical position as well as your standing in compliance with applicable laws!

Everything Jon said, and to address the 1099 issue, you should be providing a 1099 for any payment made to the contractor during the 2009 calendar year.Any payments made in 2010 (including the remainder of any draws on a contract) should be indicated on a 1099 provided in January of next year.Btw, 1099s were supposed to be sent to your contractors several months ago...you might want to talk to your CPA about how to handle them at this point...

I had this tree limbed up by professionals last spring who indicated it is a healthy tree and will do fine for a long time.

But, before I waste my time, please admit that my Fox News examples above indicated "poor or biased reporting"...as you requested...