The first one was a bad cocktail party and no one was doing anything other than meeting.As to what a newbie brings to the meeting - nothing is right.

I want to own an apartment building, but not bad enough to do something retarded!!

The property is in bad shape and will require ~50K in renovations.

No matter how bad this housing market gets human beings always need somewhere to live.

And what fundamental changes will result - good or bad?

They're a value the county uses for tax purposes and may or may not have any relation to the actual value.Using the loan proceeds to pay back the loan is a bad idea.

BAD IDEA.

nope, I've got 5 children, so a rented mini-van was the way to go.It's to bad the Cards didn't win........but what an amazing game.

There's also some provision in the IRS code to avoid this tax if you are insolvent.The lender (actually, the investor who holds the loan, which is most likely someone different than who you make your payments to) will indeed write off the bad debt.

All they do is tell them "falling is bad, if you ever fall you will probably die and won't ever be able to get yourself up, you need us"