I'm no expert on the tax rules but I like to play it safe and I would not do it.

But recently I have no desire to play anymore and I have been devoting all my time into investing/finance.. which is what brought me into the world of REI.

There are many laws both state and federal that may come into play...

So, that tells me that this will continue to be a messy, painful process until its played out.There was another thread related to this, "hidden REOs".

Not to mention, not so much investors, but homeowners are so damn indecisive they take up a slot on my shcedule for 2 weeks and cancel the day before when I COULDA been working making money elsewhere, quite often.

There's a property I've had my eye on in a working class neighborhood (residents upkeep yards, partake in home improvements, plenty of small children playing outside).

Yesterday I read that they will break ground on a 200-300 unit high end apartment complex in GVR, and Vegas is slotted for 3000 apartment units to be built in 2014.

The whole way there I wondered if I had been played into paying too much by that guy.

Some areas I do not care how cheap prices are I simply would never consider investing there because of the legal system and government dynamics that are in play.

Never with more than one eviction.At some point this becomes a lifestyle for people and they play the system.