If you are in this situation currently, I obviously do not need to tell you how stressful it is- both financially and mentally.

These people (CEO and rest of his ilk) and companies (WAMU, Bear Stearns, ETC) looted their way to a financial crisis in the late 1980's.

I'm not a fan of selling any property, unless of course the gains outweigh the costs.I don't think that your LLC will benefit you financially EXCEPT, it puts a barrier between your personal assets and your investments in most cases.

I am interested in other investor's comments relative to the effect the current financial market crisis will have on real estate investing.

I am not in a huge hurry, I just want to make the right decison financially.

Contact the mortgage lenders and let them know that you are running into financial difficulities and if possible go speak with them directly.

But, since I don't think a depression will happen and our society is not about to break down, I am still buying properties not disposing of them and keeping my cash securely in banks and brokerages.Anyone chanting the end of our financial system is near while still holding an asset like real estate or stocks is just blowing smoke.

Now that the Caped Crusaders of Congress have saved us from financial Armageddon, what now?

Its also going to depend on your financial situation and the property.You might be better off finding somebody local to LA who has closed short sales in your area.

Whether that's reading a book, taking a course, working with a real estate mentor, or simply tagging along with an investor you know that you know and respect.Learn all you can and drop as much time as you can into learning the ropes.You don't want to financially hang yourself.Good luck!