@William Hochstedler  Yes, the length of time before the Statute of Limitations can be used is very state specific, http://www.bankrate.com/finance/credit-cards/state-statutes-of-limitations-for-old-debts-1.aspx  but the general principle is broadly accepted and a statute of limitations defense is available in every state. http://www.nolo.com/legal-encyclopedia/statute-of-limitations-state-laws-chart-29941.html  However some states do exclude mortgages. http://www.americanbar.org/groups/litigation/committees/realestate/news_analysis/news_developments_2015/state-mortgage-foreclosure-statute-of-limitations.html  Here is a quote from the above link to the American bar association website regarding using the various state Statutes of Limitations in regard to mortgage liens.As a result, it is not uncommon today for a mortgage to have been in default for five years, six years, or even longer before a foreclosure is finally commenced or reactivated.

I'm good with it - Mindy if you like it, can you please up the vote count to five (or more) per day from individuals?

Same with credit cards - does anyone have a dedicated card for making purchases for each property?

Five headwinds that California coastal real estate is facing which never existed in any previous market: (1) Baby Boom retirement is creating more sellers than buyers. (2) The Fed's unprecedented regulation of interest rates through money printing and Treasury note buying is winding down. 

So I'm in need of opening a new credit card account and am looking for suggestions of credit cards with great perks for a real estate investor.

Better to be safe in my opinion.If you paid by credit card, then you don't need to file.

Steven - No the borrower is putting up five other properties as collateral.

I looked over some area codes with a realtor at AmandaHoward and going off what she said Madison and the Five Points area are two great areas although dealing with the the 5points area you are dealing with highly desirable houses but the houses are old and in a historic district so you have to jump through several hoops 

Taken to the extreme just to give you an idea: When it's a VA loan buyer, I get excited, because I can start paying off car loans, student loans, credit card debt, refunding Earnest Money, paying for the appraisal, etc, with the extra money!

If you default on a loan, the lender will give you a 1099, usualy this is for unsecured debt such as credit cards, but you may receive if you short sell a home.