It was a quick drive by on my lunch one day and I stopped and wrote down some address of properties that appeared to be vacant.I have also been looking around the Old Oaks District.  

Assignment contracts are pretty simple, it can be as simple as a single sentance: I Carlos assign all my rights and responsibilities for the purchase contract of the property located at (address) to (assignee’s name) in exchange for (assignment fee).  

If the terms do not address this precise issue, the Trustee might be consulted about releasing the auction purchaser (and refunding the deposit) given the pending litigation.

I'd like to lay out my plans/concerns and see if anyone has any feedback I ought to be considering.I'm 30 y/o, no debt and about $65,000 in savings (of which I'm comfortable putting about (55,000 into real estate at this point).  

Is my concern much ado about nothing?

I read through the lease agreement I had my tenants fill out and I have nothing in there about breaking a lease.Should I add a clause in my lease agreement to address this?

I have heard that as long as the LLC is in the same name/address as the primary mortgage payer and the payments remain in good standing then usually you would have no problems.

Clause #10 doesn't specifically address pets.

On a serious note you have a right to be concerned.

So, I have read several books and posts on here concerning offsetting income tax with passive loses or depreciation from rental properties, but I am still a little unclear as to how that all works and if I can actually use use rental property losses or depreciation to offset my house flipping taxes.