I apologize for adding to the confusion here.Will, I don't think anyone is saying rely on the 50% guestimate.I use it as a gating factor to quickly look at possible deals.

Christian and David, I apologize for lumping everyone together.

I apologize if I came across as condescending.

The tenant is under contract with a person or entity who has no obligation to the lien holder...therefore the situation of the loan in default is irrelevant as long as you aren't going to be forced to break the lease due to an impending auction date.So let's say they pay you for 1 month rent...then decide to quit paying.

"I now owe $80k on this double via a interest only variable rate LOC when the while the property is probably worth no more than $35k".Regardless of what is 'right and wrong' when it comes down to investor values and the economy, if this guy is 100% LTV on ALL his properties and the above statement is true, it's going to be quite a few years before he has enough equity to sell this property and repay the entire balance.That, of course, is assuming that negative cash flow is not a current issue with his holdings.I apologize for jumping the gun and saying bail, but I have spoken with so many people in foreclosure over the years that let their situation completely ruin every facet of their life.

I apologise for the caps...its just that we get sidetrack by sometimes going into the irrelevances of political discourse, instead of practical suggestions, which i beleive is the focus of this forum....so if I iritate anyone...pls accept my sincere apology

The answer I received follows:I apologize for the delay in responding to your inquiry but I wanted to confirm with counsel before responding.

He apologized a lot.

New to the website and this is my first post...I'm a new landlord so I apologize if this is a silly questions but...do I need to apply for a Sales/Use Tax license and pay sales tax on rental property income?

(that make sense)I apologize if I over-simplified or confused any of these steps.