@Erik Keim  We operate a very successful Turnkey operation here, and understand every street here.  

I guess we shouldn't look at what losses we have already had on the property since they are sunk costs, and just look at the property as if we we buying it today.What I'm really looking to understand is if a savvy real estate investor would even consider this as a viable investment property with our current numbers (staying with current mortgage or a 30 year refi).

Can someone help me out with understanding this.  

But, my understanding is that, most importantly, I'd have built up home equity with this purchase and will be in a better spot financially to purchase a home for myself, once I'm ready.

He is in the risk game, stuff happens and it is understandable.

my understanding is in california, the foreclosure is nonjudicial, so it should take much quicker after first late payment, normally how long it will take to go into foreclosure after borrower stop the payment?

Great stuff so far, tons of terms to understand but I love how Marty goes over material that will be on our test.

I have a successful IT consulting business that has and will hopefully continue to allow me to purchase rental properties with after tax money.With all that being said, I understand the model is about  purchasing properties, refinancing, and going back to purchasing more properties.  

Bobby,   I am a licensed broker in NC and I focus only on investment property, so I understand your reasoning.  

When you refinance a property, it's already in service, thus no adjustment to depreciation.Special rules apply to primary residences converted to rentals.You should understand how refinancing a property will limit your ability to write off the interest.