The bank will want to know if you have any assets that could be used to repay the loan on the FL property.If you (because it's your name on the mortgage) have equity in the GA home, they could refuse the short sale and want you to liquidate that asset first.

We'll see about that though.Another hurdle I see is once I do obtain my first job (hopefully in commercial real estate), trying to balance my job with a REI business may not be feasible.

I was looking to resell the land once I obtained it.

A great realtor is an asset.

If I were to obtain a property through non-conventional financing (owner financing, private money, etc), with the intention of conventionally financing after a certain period of time (6-12 months), when exactly would I quit claim the property into an LLC.

.....If you were two months behind on your mortgage and had $1600 in your checking account, had no other assets, and were wondering if you should make you $1290 mortgage payment?

$10m might be difficult in liquidable assets but is definitely possible to own that much on paper with real estate values.

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