I visit periodically to visit my parents and scout properties.

I've been able to extend my personal umbrella to my rentals under the same home owner's policy which keeps things reasonably priced.  

It will take longer to get a tenant in the property than with a non-Sec 8 tenant, because there is about a 2-week period to complete the inspection and the "Rent Reasonableness" check.  

Hi Billy, The BP Podcasts are full of examples of people who survived the latest downturn (2008), and I've always found it interesting to hear the stories of investors from that period.

You'll have a little recapture tax for the depreciation during the rental period though.

The second house was listed on a auction website for a short period of time.Third house also hit a auction site but only for one day. 

Did some more research and I learned that:Carryover losses extend indefinitely until final sale (and can be transferred from property to property if a 1031 is used).

The bank will prohibit assignments.The bank will require that you demonstrate that you, personally, have the ability to purchase before they will even look at your offer.The bank will require that the property not be re-sold for some period of time, probably at least 90 days.The bank, and I say this with all due respect, almost certainly has a better idea of the market value of the property than you do.

In CA, since most people now are getting a deficiency judgement waived, the redemption period isn't allowed.

A flip is when you purchase a property, and then turn around and resell it within a short period of time.