I spent a lot of money fixing the place up so I would be able to show a fat loss on my taxes.

And, as to investors running around trying to get investors or sellers to give non-recourse financing, if that deals blows up my bet is that you'll be in hot water if there are significant losses.

If the unit had indeed become inhabitable for two months, then there may be a basis for compensation of loss of use, but I would be surprised if that were the case.

Partner #1 will provide all funds and be a silent investor for 50% profit/loss.

And.... know what to look for to have the job done right or what it looks like when the job is done wrong, before you end up with huge losses from vacant places or mismanaged property.Try it out and see how it goes, learn a little, then let someone else do it for ya

All it takes is one bad employee out of ten to burn you bad on losses.

The bank will always give you the run around I've faxed the same documetation 5 or 6 times to the loss mitigation department and they always say they don't have it.

inCert1=29730Their assets and liabilities report for March 31, 2008 (latest available) shows loans of 19.59 billion with loss allowances of 350 million.

Institutional buyers will purchase the BofA properties and they may sell the crap houses to unsuspecting buyers who will absolutely lose money and either sell at a loss or worse, give them back to their lender if they borrowed to purchase them.

$200k is alot of money to throw away, but divorce ISN'T ALWAYS considered a complete hardship to a bank that will absorb such a big loss.