Otherwise, I never found a deal on loopnet where the asking price was right nor where I could make a good profit.Is is absolutely imperative that you have a broker represent you, but always remember that even your own broker is not going to tell you the downside of the deal since your own broker would lose out on a huge commission.

Every way I figured the deal, I couldn't really lose so I just made the move.

The worse part is; after wasting your time and losing sleep at night you will never get one penny of your money.Go to the court and find out how to garnish your ex-tenants wages since you know where he (or she) works.

No worries on losing the land and since the first 18 sites will be free and clear... no ongoing loan overhead for those.8.

@Joseph SchultsSounds like you don’t have much to lose other then money (most people have family and others to support) so I would say it wouldn’t hurt to try to tackle a bigger deal.

Otherwise, you have a third partner that will insure you don't lose your property..... the bank that holds the mortgage will not just allow someone to come in and sue you and take the property. 

However, the idea that i will only be able to depreciate a small percentage of the houses FMV (because I completed most of the work myself) gnaws at me.Is there a way I can legally gain the FMV I have created at this property without losing it?

However, the idea that i will only be able to depreciate a small percentage of the houses FMV (because I completed most of the work myself) gnaws at me.Is there a way I can legally gain the FMV I have created at this property without losing it?

However, the idea that i will only be able to depreciate a small percentage of the houses FMV (because I completed most of the work myself) gnaws at me.Is there a way I can legally gain the FMV I have created at this property without losing it?

Note, even if insurance pays for all the damage your property suffers, you still lose.