Thanks all, Yes Escrow send 593 forms to sign and then we need to declare how much tax should be held.Thanks a lot.

If you have a rental property here you have to declare it as income and you are taxed.

If they do declare bankruptcy, could be good for us if some of the oil companies up here can get there hands on them.From a RE perspective, I immagine a pretty stable this year, with perhaps a decline coming late in the year.

Heard nothing back from the homeowner (henceforward known as HO :-)Then...the news that HO had declared bankruptcy.Foreclosure halted.Then the news that the bankruptcy was not going to proceed.Foreclosure on again.Finally, the HO decided to sell, before the auction date hit. 

A secured line of credit type arrangement without declaring principal received for taxes!

You will be taking on more liability, and if you go bigger than 4 units you won't have the owner occupier financing available.Exercise your analyzing muscles by vetting some possible deals in different price points so you can see the difference in finances.

If there is actually insurance, you (if the property is free and clear) will be on the declaration page.

If you have a long term goal in mind, when do you declare success?

Mack Companies declared bankruptcy, and had stopped paying out rental income to investors from what I have heard.  

And he had to declare bankruptcy and he had several creditors calling him all the time.