You may want to contact your bank and find out about HARP , it's a govt program that if I recall correctly can eliminate the upside down amount on the mortgage .

But what I describe will give you the correct result and can be easily set up in Excel.

Long as you do everything correctly you are looking at a month to month and a half, 2 months max!!

Ben Leybovich, am I correct in this, or were you referring to something different?

It comes right off of the freddiemac and fanniemae websites I think it page 5 of freddies, fannies , i just use this handout attached belowhttp://www.freddiemac.com/singlefamily/service/docs/Short_Sale_Fact_Sheet_Pub_908.pdfhttp://www.realtor.org/sites/default/files/handouts-and-brochures/2009/fannie-mae-confirms-short-sales-commissions-policy-2009-02.pdfMaybe the term i used, illegal, was not the correct choice.

Even though I couldn't rent it out in my first month I am actually excited with everything I am learning about figuring out correct rental price, marketing, leases, rental applications, screenings and just in general everything about being a landlord (though I am not yet one!).

When I first started out I would visit the properties quite often and make course corrections as necessary.

Their customer service has been atrocious lately, and I see little improvement each time I communicate with them.Second, I believe when the P&S is executed, it must be worded exactly correctly.

That equity is doing nothing for you right now so I would definitely suggest you pull some of it out and get it working for you.Assuming your numbers are correct and discounting the 200k less you think it actually would appraise out, it would be worth 800k (roughly).

Andy Pugisi is correct, you should make sure the subs have liability and WC certificates and list you on their policies…proof in writing, and have a good liability and WC comp policy of your own according to state law, dept of labor.