Assuming the 50% rule is true because renters will vacate and some will go ape sh** and I will have to pay a lawyer for services, etc, I can still get a tax write off for that but I wonder if someone can briefly outline the overall tax benefits of owning a rental.I think I am being very cautious because debt exposure is low.

Thats what a good lawyer is for.

Those funds represent a liability to the bank (they owe the money to the depositors).

My tenant's daughter is a doctor and he's a lawyer.

He used to tell us, "Don't negoitiate price when the customer pulls into the lot driving a U-Haul",.....Just a thought....anyway.....Lawyers make tons of money chasing ambulances.

When I buy a house at a trustee foreclosure auction and the previous owners are still in the house, do I need to hire a lawyer to evict them or can I, as the new owner, just show up at the justice of the peace on the court date with a copy of the trustee's deed, or do I need other documentation?

We have a network of default (foreclosure/bankruptcy) attorneys that represent creditors.

Do I need a lawyer?

Any help would be greatly appreciated.or if you're using an lawyer, he/she will have appropriate paperwork.

Meaning that the answer may differ between states.The true lawyer answer is: It depends.Typically, if there is a mortgage on a property, then it is Nonrecourse debt which means that the lender can take the property in FULL satisfaction of the debt.Again, typically, if an LLC takes out a mortgage, then the bank usually has a member or all members sign a personal guarantee on the note as well.