Getting Started in RE investing, essentially. 

Essentially as I understand it, the IRS may view the mod as a 'new loan' there is a taxable gain from the cost basis of the NPL to the UPB. 

Essentially it was turn key all the way.

I know it is essential to get an assignment contract, unless your double closing.

Thus, I was essentially living for free and putting any excess capital into improving the home.

The point is that the two are not comparable and I hear a lot of conversations among real estate investors (maybe newer investors) where I don't think many of them understand that.Obviously for this example I didn't include any rental income that would be reinvested, which essentially is where you would get your compounding from. 

I read that in order to get a second property, you need to demonstrate that you have enough cash reserves to cover the mortgages of both properties for 3 months, essentially having 20k plus on hand. 

The rule is essentially any time you take other people's money and the returns are generated from your efforts, (in other words you are active and investors are passive) then you are dealing with a a security and must comply with both federal and state securities laws.  

I attended a medical marijuana briefing by a criminal attorney (defends medical marijuana businesses) recently who described CA SB 643, the Medical Marijuana Regulation and Safety Act (MMRSA).  

The original poster queried about the merits of what is essentially a copywriting question.IMHO, condolence statements from strangers are inappropriate and insincere.