A quick craigslist search for mineral rights brought up this Single Screen theater for sale.

Search recent sales in the area plus the surrounding areas to find any out of state buyers.

By keeping it they could access the cash from a sale if they absolutely had to.

Attempt a quick sale.

It depends on how you split the revenues.If the house is free and clear, you two should decide if you get to bank all the money after paying expenses (taxes and insurance) or if you have to split it somehow in favor of your rehab work or just 50/50 the whole time.Also, if your friend decides to sell it year 2 or 3, and you still haven't recouped your rehab funds, do you spit the proceeds of the sale?

They must be capital gains that would be recognized and from a sale or exchange with an unrelated party.2.

p=1688That refers to an open house for sale, but just wondering.Thanks!

After finding out about the smoking, inviting others over to live, dogs pooping on hallway carpets (carpets to be replaced) and used up last months rent from previous owner, sellers agent now tells me (after the fact and sale) that this tenant reported previous owner to board of health because thats how she settles things.  

I politely informed him that it was public record, thanked him for letting know the house was not for sale, and apoligized for bothering him.

Typically, second mortgage lien holder will foreclosures when the sale proceeds will cover both mortgage debts.