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HomeHousing MarketWill The Mortgage Forgiveness Debt Relief Act be Extended through 2014?

Will The Mortgage Forgiveness Debt Relief Act be Extended through 2014?

By: Alexis McGee | Written: November 6, 2013

I’ve been asked a lot lately about the Mortgage Forgiveness Debt Relief Act which is due to expire December 31, 2013. This act provides homeowners with cancellation of debt, huge tax relief.

Learn more about the Mortgage Forgiveness Debt Relief Act and Debt Cancellation from the IRS website.

This 2007 Act has been extended one year already from 2012 to 2013. We are all hoping it will be extended at least one more year into 2014, but we are uncertain when and if this will happen. The last extension wasn’t announced until January 2, 2013.  Fingers are crossed, but we need a plan…

mortgage forgiveness

Here are the bills that would cause this act to be extended:

H.R. 2788: Mortgage Forgiveness Tax Relief Act

Introduced: Jul 23, 2013

Sponsor: Rep. Joseph Heck [R-NV3]

Status: Referred to Committee Mortgage Forgiveness Tax Relief Act – Amends the Internal Revenue Code to extend through 2015 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

H.R. 2994: Mortgage Forgiveness Tax Relief Act of 2013

Introduced: Aug 02, 2013

Sponsor: Rep. Tom Reed II [R-NY23]

Status: Referred to Committee

Status: This bill was assigned to a congressional committee on August 2, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.Mortgage Forgiveness Tax Relief Act of 2013 – Amends the Internal Revenue Code to extend through 2014 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

In the meantime… between NOW and the End of the Year…

You should consider the possibility that the Mortgage Forgiveness Debt Relief Act will not be extended past the end of 2013 and as a result, we would recommend you recommend to your short sale owners in default to move quickly on selling their home now, and push to close by December 31, 2013.

I’ll be talking more about this and how to get owners in default, whether they are short sales or equity sales, to get motivated to take action, and sell to you… at wholesale prices, so you can buy, fix and sell for profit… an endless supply of deals. Find out the details in my Free New Foreclosure Investor Webinar, Wednesday, November 13th, 6pm Pacific, 9pm Eastern. Register Here and then Join Me!

Leave a Reply


  1. Susan says:

    I can’t push the banks anymore. I was about to close in August and two days before closing BOA
    Sold the mortgage Now we have started all over
    again. The new lender raised the price of my house by $100 thousand and the second is making us resubmit. I think Bank of America is the Mafia without a Gun. They are the corporate
    Whitey Bulger!!! 5 years I went through the house nightmare I thought it was over only to begin again. I pray for the tax mortgage forgiveness to be extended.

    • Dee says:

      Hello Susan,

      I’m with you, I just got a notice yesterday from BOA, informing me of the new service provider. I was in the process of closing on my shortsale finally, then I get this news. Oh it’s gets worse, I have not been late on any of my mortgage payments. I am military and cannot return to my home, can’t sell it for what I owe, didn’t want to rent it out again because renters destroyed it the first time, so the last resort I had was to do a shortsale… After 6 months of going through the shortsale process, I now have to start the process over…. investors for my property are mafias and so are Bank of America. They are not in the business of helping anyone, it’s all about “MONEY”, I have news for them, “I will not pay another dime on that property”.

      • Myrna says:

        You really slhoud base your rent on the value of the home or the rents in the area, rather than your mortgage amount. What if you bought a really expensive home and paid 50% down on the house (I know that is unlikely), but then you would rent the house for half of what it slhoud/could be rented for.So, if you home is worth $130,000 rent it for about 1% of the value or $1300 a month. If there is an issue with the amount of rent you can collect in the area where the house is, charge as much as possible if you can’t rent it, start to go down on the rental price until you find a tenant.Make sure you get a large deposit (as much as a month of rent if possible) to cover cleaning after they move out, and any damages.

    • Lori says:

      Susan, I can’t believe it! The EXACT same thing happened to us but in June!! We were notified about 7 days before it happened instead of the 30. We have been in this house for TWO years and have paid no mortgage. We’ve had a buyer since last November. Our new lender is Nationstar and they’re not any better! They’ve messed around since June!! In fact, our “contact” let our approved HUD expire AGAIN. We’re now waiting for it to go thru HUD again to see if they’ll give “us” another extension.

    • Jake says:

      You wouldn’t nsreseacily need to tell your current lender as long as you dont need to apply for a new mortgage. If you need to remortgage your flat at any point in the future you will have to get a consent to let letter from your current lender or remortgage onto a buy to let mortgage. As long as rental payments will cover the mortgage payments then this is classed as a self financing buy to let mortgage and shouldn’t be a problem. Some lenders do want your rental to be 125% of the mortgage payment just so that they know you will be covered. If you do change to a buy to let mortgage some lenders have great rates at the moment which you may be able to change to, i know that Birmingham Midshires currently have a buy to let product that is below base rate at 4.99 fixed for 2 years.

  2. Karl says:

    In 41 days, myself and over 900,000 others in the short sale / foreclosure pipeline will face insurmountable tax burdens upon the expiration of the Debt Relief Act of 2007 extended to 2013. I would like to know best strategies to prepare for this occurrence. I am of the opinion that if a debt is to be incurred it would be best if that debt were owed to a bank as a deficiency judgment rather than income tax debt to the IRS for mortgage amounts forgiven by the same bank. My thought is that an obligation to the bank can be taken to bankruptcy whereas a debt to the IRS is not likely to be expunged through bankruptcy (see link-

    Do I have a clear view of this?

    What would be the best use of a bankruptcy filing? File now, incorporating the mortgage in default, before any deficiency judgment or debt relief is issued in order that a stay of collections be put in place? Stop now with any attempts for a short sale / deed-in lieu and negotiate a deficiency judgment then file for bankruptcy?

    What is the best way to proceed in light of fact that resolution before December 31st in very unlikely? It’s time to prepare for the worse case scenario of how to handle the huge debt coming my way. Owe it to the bank or the IRS? Once December 31st arrives without resolution of my case perhaps letting the bank file for foreclosure and a deficiency judgment would be best.

    Please advise.

    • Lori says:

      I hope someone with knowledge responds. I feel the same way…We should have closed a YEAR ago!

      • Adela says:

        how much the magtgore is for? If it is a small magtgore then you would best looking at C G who have a magtgore deal with free val and no arrangement fee it is a large magtgore you should not just look at the rate ie the BM Solutions rate is 4.99% fixed for 3 years but look at the costs attached also ie on this deal there is a 2.25% arrangement fee charged by the lender so for an advance of a3200,000 the lenders charge would be a34500You would be best speaking to a broker who can advise you on the best deal for your circumstances

    • Brian says:

      they may extend the m debt relief act but only after it expires first then President Obama may sign it into another year. Sadly if not all ypu can do is the same form 982 and check appropriate box etc. for insolvency. That is if immediately before debt is canceled by short sale or foreclosure your assets are less than all of your debt. Otherwise there is no out tp paying IRS debt. Good Luck.

    • Brian says:

      Hopefully at year end another year will extend this act. If not best option is insolency if your debt exceeds your assets immediately before the debt cancelation 1099c is recorded then do that on form 982. If anyone filled for insolvency pleas elaborate on the details of filing this Tax Adjusting you have to do in addition to the form 982, seems a bit complex, would appreciate advice. I hope this help the others asking, I personally would not go the deficiency judgement route, but if I did get one I would file for bankrupcy if I qualified. Good Luck.

      • Aamr says:

        If the mortgage hodler goes bankrupt you will make your payments as usual. Although they may be sent to the court. Eventually the court will sell off your mortgage to another company and you will pay them each month.Your home stays your home as long as you can prove you have made your payments (keep your bank records to show your checks have been processed.)

    • Sultana says:

      Hi Karl,

      I am both a consumer bankruptcy attorney and also process and close short sales in Florida, so I wanted to respond to your question. I am in agreement with you that it is better in most circumstances to have a deficiency judgment over a tax liability, because the deficiency judgment is dischargeable in bankruptcy whereas the tax liability is generally not. Whether it is better to file bankruptcy before doing a short sale or after really depends on the specific situation. I routinely file bankruptcies on behalf of clients prior to a short sale whereby I then also strip junior liens (like HELOCs or HOA liens) which then make it easier to short sale thereafter since you no longer have to worry about contributing to those junior liens. In that scenario, you also don’t have to be concerned about having to negotiate a deficiency waiver, because the deficiency has already been discharged in the bankruptcy.
      Alternatively, the short sale can be done first. If a deficiency remains then a bankruptcy can be filed thereafter to discharge that deficiency (or the previous homeowner can wait to see if the deficiency is pursued by lender/collection company before filing bankruptcy). Keep in mind, however, that there are qualifications in terms of income, to qualify for a Chapter 7 bankruptcy (liquidation which discharges unsecured debt).
      I hope my input helped. Good luck!

  3. kirk gallagher says:

    I have a trustee sale due on the 16th, and I’m currently trying to get a buyer for a short sale. A bankruptcy attorney told me that the safest thing for me to do is to walk away from my house. I was surprised to hear that as he said in the event that the Mortgage Forgiveness debt relief Act is not extended,bankruptcy wouldn’t absolve me from the tax liability, only a foreclosure would.
    Anybody have any thoughts on this?

    • Susan says:

      What state are you in?

      • Jaciara says:

        most typically your loan would be sold to anohter bank and this is something that is very common regardless if your mortgage company files bankruptcy or not if you have ever refinanced your home before and you have to sign all that paper work at closing one of those documents reserves the right to sell your loan at will.

  4. Susan says:

    The short sales are for the agents to make a commission and a big one . After a while the agent thinks it is his house and screw you. I have been to hell and back. Between real estate agents Bank of America , PNC , and now Nationstar . My money if I ever have any goes in a mattress and real estate brokers are all scum.
    I don’t trust the short sale process. I think it is a joke. The people that make money from it don’t even appreciate what you gave then. They don’t even say thank you for my 60 thousand that you got nothing and lost your house.. Plus they represented the buyer as we’ll and treated me like garbage. My credit was bad anyway so what. To have some Wiesel yell at me so his buyer can get in my house that I lived in do 30 yrs 30 days sooner now I have to spend money on a lawyer that I don’t have. Be Careful!!!!
    Don’t trust the Broker! He knows you can’t buy again. I sound bitter. I am just fed up. You know the old saying be careful what you wish for!
    That’s a short sale.

    • Susan says:

      The more I read the gov. Website I believe they will extend the tax relief act. Also go to loan they are writing a lot about on that site

    • Dieznaba says:

      Foolishness! The back mortgage pymneats plus penalties and interest will be paid at closing all right, but out of his pocket not out of the real estate company commission!The property had to sell for enough to satisfy all the liens against it including the mortgage. Your friend does not have a clue as to how things work.If the property did not have enough equity he would have had to pay money at closing or not be able to sell at all!

  5. A. Jones says:

    I have been in Bank of America hell since February. Now they want to reappraise the property because the old appraisal expired. Therefore, a 2013 closing doesn’t seem possible. I would have filed under the insolvency qualification but it is a mute point now if the law is not extended. I do not want to file for bankruptcy.

    Is a Deed in Lieu any different vs. Foreclosure from the Tax point of view, assuming either one happens in 2014?

  6. kirk says:

    Susan, I’m in California,thank you for the links.I’m currently with property management company. after they checked my property out, I agreed to do a short sale with them under the condition that they allow me to stay in my house payment free until Jan. 2015, then the client could a lease with me, if they choose do the lease with me if we agreed upon terms. I’m approaching retirement and it’s simply not prudent for me to pay off my late balance and use 2/3 of my retirement , so I just want to be able to stay a little longer. in the event, the act isn’t extended, I could have a great tax liability as the amount of my insolvency couldn’t make a dent in it. I believe as a single resident, I am excluded only250 k, and my deficit cost basis is around

  7. kirk says:

    Cont- I’m sorry could turn out to be around 500K. so I was told my liability could be around 20%, or 50,000!

    • kirk says:

      Sue, Thank you for the link to On it I saw an article that states of new legislation by which California homeowners are now free from tax obligations on short sales. This is good news but I assume it doesn’t forgive them from Federal tax obligations, which is of course the greatest obligation.

      • kirk says:

        I’m sorry I’m not writing well today. The article implies relief from state tax but not Federal tax liability.

    • Prashant says:

      Yes my father-in-law does this for work now that he’s reetird. Just make sure you buy for less than what it’s worth in order to make a profit. Most of the time he buys from for sale by owners who want to get out quick for whatever reason. He gets a loan not a mortgage, flips the house by fixing it up and selling it for more than he paid. I’m not sure of the specifics but you could call a loan company/mortgage company and find out where to start. You will need some upfront capitol from somewhere .

  8. Latosha says:

    Greetings! This is my 1st comment here so I just wanted to give a quick shout out and say I genuinely enjoy reading through your articles. Can you suggest any other blogs/websites/forums that cover the same topics? Thanks a lot!

  9. Brenna says:

    Hi there, You have done a great job. I will definitely digg it and personally recommend to my friends. I am sure they will be benefited from this web site.

    • Patricia says:

      I would suggest loknoig or a new job first! Once you find a permanent job, determine the your monthly earnings! Decide how much monthly mortgage payment you can afford based on your earnings! From there, speak to a lender/mortgage broker and get prequalified. Your mortgage lender SHOULD take the stress off of the loan process from you!!! So you can concentrate on moving forward Once you and your mortgage lender determine a mortgage or purchase price, find a Realtor to list your house! Find a good Realtor! Find the one that advertises himself/herself and his listings on different ads!!! When in search of a Realtor, ask where and how he/she advertises! Don’t settle for the ones that only lists on MLS! Exposure is the KEY! The more exposed, the faster it will sell! Ones you find a buyer, get yourself another Realtor to find you a home! And so that you’re NOT left homeless, make sure that you inform the Realtor that the closing of the new home is contingent on the sale of your other home, make sure it is written on the purchase contract! If you don’t, you’ll be forced to close and you’ll be stuck with two mortgages! Let them do the work for you it’s their job!

  10. Eric says:

    I have been approved for a Deed in Lieu, however, they say it will take another 2-3 weeks to process and close, which puts me into the first 2 weeks of January. I really hope this tax relief gets extended, I am getting about $80K in forgiveness, which would equal about 17-20K in what I would owe the IRS. If I had that money, I would not be in default on my house.

    • Gabe says:

      There is a petition going, I have no hope or closing a short sale or foreclosure in 2013. These petitions have worked before so I advice everyone to sign and spread the word!

      • Jonathan says:

        Obama was born in Hawaii. Doesn’t really matetr if his Kenyan father was around for the birth or not. By current law he is a US citizen. People who question this make themselves look foolish or worse.Likewise, it is wrong to blame Obama for the meltdown of the US economy and for our soaring national debt. George W Bush and his party drove the US economy over a cliff before Obama was ever elected. Ronald Reagan very nearly bankrupted the country during the 1980s. Republicans are to blame for this mess. They love to spend trillions of dollars on unnecessary wars and a bloated imperial military. They all believe in Republican Big Government, but unlike Democrats, they want to put it all on the government’s credit card. Republicans spend like crazy but then cut taxes to corporations and the wealthy. They cut off government revenue and thus create these huge budget deficits. And they refuse any talk about restoring taxes to a responsible level that would end the deficits so they are not serious about cutting deficits or paying off the national debt. They want to use the debt as an excuse to end Social Security, Medicare and Medicaid. Medicaid needs to be reformed and greatly trimmed back. But Social Security and Medicare are vital programs that are supported by payroll taxes. There is no reason to end them. So if the choice is to have a black president and keep Social Security and Medicare, or to have a white Republican president and end these programs, I will vote for Obama just like I did in 2008. I don’t want to have to go off and die under a bridge when I get old.

    • Joe says:

      On compound isretent loans, the isretent is calculated based on the daily balance. When you make a payment, it first pays off the isretent balance and what’s leftover goes toward paying down the principal. The lower the principal gets, the smaller the isretent charge (in dollars, same percentage). So anytime you pay early or make extra principal-only payments, it reduces the amount of isretent calculated going forward. Check the terms of the loan because some car loans calculate the total isretent up front and that amount doesn’t change if you pay early (although an extra payment here and there will mean getting rid of that monthly payment sooner). Also, multiple payments in a month only makes sense if it’s easy for you. If you get paid twice a month, it should be easy to make a payment every time you get a paycheck. If you get paid every two weeks and can afford half a payment each check, even better because that comes out to an extra payment every year. But if you have the money to make the full payment at the beginning of the month, it doesn’t make sense to split it into 2 payments that’s just making it more difficult for yourself.Check to see if your lender accepts partial payments without a fee before making half a payment twice a month.

  11. vitz says:

    how do u qualify for the mortgage debt relief act? i havent payed my HELOC since april due to my employeer cutting hours.I still pay my first mortgage every month thats the only thing i can afford with a new born baby and a family health insurance i dont think i can ever pay that home equity every month.I was wondering if wells fargo would forgive my home equity loan and keep my house if not then we will be homeless in the near future.

  12. Jessica says:

    Anything new on the Morgage Forgiveness issue? Thank you.

    • Ashar says:

      Now for something that might rllaey help.I am in the auto finance business and there is no way that the dealer could have got you approved for this vehicle unless you have a job paying at least $ 3,500.00 a month gross.What I am guessing that they did is lie on the application because you had a high enough score that they knew that they would not have to prove income.If this is the case? You can call the lender and tell them that the dealer committed fraud on your credit application and they will make the dealer buy the contract back.The down side is you had to sign the application that they sent to your lender. So you committed fraud also, but you can claim that you did not read it and just signed where the dealer told you too.If this is not the case, then sell it or get someone to take over the payments.These are the only options you have without messing up your credit big time.Next time, think before you sign. Was this answer helpful?

  13. Frank says:

    With the possibility of the Mortgage Forgiveness tax act not being extended thru 2014 and a pending closing of our short sale, what would be the best option for us?

    1. Go thru with the short sale and get hit with a 150k tax bill?
    2. Deed in lieu?
    3. Wait and let the bank fully foreclose?
    4. File for bankruptcy and include the home in the file?

    The funny thing is we were 3 days from the original closing in Aug 2013 when the bank backed out of the deal. Now with this closing with a new buyer we did not qualify for the hasfa relocation payment we would have gotten for about 5000 on the original deal.

    BOA cites we cannot submit for the same program twice even though they are the ones that cancelled the previous deal. We have been at this since 2009. I feel all of your frustrations and anxiety from the unknown future of these issues.


    • Rosa says:

      Hello Frank,

      Did you receive some advice?
      I am facing the same situation and I don´t know what to do.


      • Norbert says:

        If you buy a property as an insvetor you will probably be getting a max of 80% ltv (loan to value) and your rates will be a bit high. As an insvetor your score has to be atleast a 720 and you have to already own a home that is currently listed on your credit report. You can try a Hard Equity lender. They will let you borrow money on the equity of the home and they usually only give a max of 65%. They do not check your credit, job etc. All they look at is the value of the home. But their rates are ridiculous. I’m talking about a 15% rate. I don’t know how bad the property is but you can also by the home as your primary residence (if you don’t own anything else) move in and do the renovations while your living there. If you do it that way then you can get a normal rate and you can get 100% financing (a full doc loan).

  14. Mel says:

    We did a deed in lieu in Dec. of 2012. The bank still hasn’t written off the debt and provided us with a 1099C. My understanding is, what matters to the IRS is when the bank writes off the debt, not when the deal is closed. Is it possible that even though we closed the deal in 2012, we may get hit with a Federal tax bill because the bank didn’t write off the debt in 2012 or 2013, prior to the Mortgage Debt Relief Act expiring? This seems crazy to me.

    • Tatiana says:

      Well, you’re not old enough to enter into a cocratnt or to have established credit, so nope. What kind of business does a kid have that earns him $40K?

  15. Jackie says:

    I was in the short sale process with BOA for two years! We had a cash offer within a month. We’re told nearly a year later BOA had lost our file. After all this, the contract was sold. I received foreclosure papers in Oct to be finished Dec. Since new bank didn’t schedule a sheriff’s sale, the foreclosure process starts over!! I don’t know how BOA can keep screwing with people! I even have a letter from HUD that states BOA should have accepted the short sale offer

    • Burned by BOA says:

      We have had problems with BOA for the last two years, we were not behind on any payments but, did a modification and they took months and never would give us any detail or answer any calls and so when the modification came through and we still paid as we were directed they still screwed with us, no help, no answers, did the short sale route and they messed all that up too, now we are past the deadline for short sale and have been waiting on them to accept offer on house. BOA is basically stealing peoples homes and costing them dire frustration and stress and not helping the home owner when the government gave them money to help the home owner, yet all they do is cause short sales or forclosure… this needs to be stopped any help would be appreciated. thanks

      • Burned by BOA says:

        They also messed us up with our taxes, they sent us the form with the incorrect information on it. So I called the IRS and they told me that would be fraud on my part if I filed what they gave me… so we have two years of messed up tax amounts due to their horrible detail… I filed a complaint and got no where. I don’t want to lose my home. but, this is past a way that we could save it. and we don’t have any answers or any help from BOA….. I feel so sorry for all the honest hard working people whom they have caused to loose the roof over their heads.

      • Mohamed says:

        Hi Nicole,They can be a little more exvisnepe how ever if you shop around you could get your self a good deal, they are still out there to be had.Personally i would advise the lender of your intentions to rent out . Not to do so could cause you all sorts a repercussions. Most mortgage advisors will advise you freely go and have a chat with one of your choice and see what can be done for you.You will rest easier if you do it properly and legally.Good Luck xx

  16. John S says:

    Is there any word on the extension of this into 2014 as of yet?

  17. Nancy Hennigan says:

    My home is currently in the last stages of a foreclosure. I have attempted four times to get a modification but Citimortgage keeps losing my paperwork, saying everything is there and then a week later it is not. The judge has ruled to pay up or set a sale date this April. My question is that I filed Chapter 7 two years ago at the end of this month and the house is part of the bankruptcy which was completed in court. My understanding is that I am protected from income and taxes because of the bankruptcy. I have been told so many things I don’t know what to believe any more. Can you clarify for me.

  18. Susan Nelson REALTOR says:

    Short sales do not take two years to close. Who was doing the short sale? I recommend an experienced REALTOR. I am a REALTOR that specializes in short sales. I have closed many in 60 days from date of offer, and one short sale I closed in 30 days. I recommend not to waste money with hiring a short sale company or anyone else, a good realtor should be doing the work, one that has experience and references. The realtor should not charge for the extra work doing the short sale and there is extra work for the realtor that does the short sale. A good realtor knows the property, knows the ins and outs of making a contract work. I personally am short sale foreclosure Resource Certified and hold a GRI. I know the market, have contacts at banks and lenders, experienced and most of all I enjoy the challenge. Look for a realtor that shows you they can work with the banks and lenders, has experience and knows the market. You’ll be glad you did. Short sales verses foreclosure, know the benefits for each and compare. Talk to a realtor, Consult with an attorney if you are unsure. I work in Florida but deal with banks and lenders all over the country. I am Susan Nelson, Venice Real Estate Company and many banks and lenders call me “the pit bull”, I get the job done.

    • Julie says:

      believe it or not (some) of the buy here pay here dealers do sell good cars at a fair price. I bouhgt my last one at one of these places not because i did not have the money, i paid cash, But because they had the vehical i wanted for $ 3200. They even made a repair to it that i requested. Some of these dealers sell just junk, while others only buy good cars at the auto auctions to resell. The price is low on used cars now so you should be able to get a very good car for 3000. they dont even look at your credit. be sure to get a warrenty from them , its just 30 days or so. just be sure not to over pay and that you get a good car. 100,000 miles is not too much on a car that has been maintained. Only buy on that runs perfect , no rust, NO oil leaks, and take on a long test drive where you can go to highway speeds. . What i bouhgt was a 99 S10 blazer ,$ 3200, 116000 miles, very clean, run perfect,everything works, That was a year ago, it would be cheaper now. it has all the options. I only look at lots that post the prices right on the cars. i feel those who dont are the sleazy ones that will try to bag you. Good luck. Was this answer helpful?

  19. Matthew says:

    My home short sale fell thru 3 times and finally sold before the foreclosure sale on January 7 2014. I am truly hopeful that the Debt Relief Act passes. All of this was due to a divorce,bankruptcy, now shortsale. Pleas update as soon as possible as to the status of this Bill. Matthew

  20. Jose says:

    1st I have to ask u what is the going rate in ur area? If u dont know nows the time, call homes within ur area aprox. a 5 mile raoduis that r for lease and r comparable to ur home. Ask as if u were a potential renter, get as many as u can thru the newspaper, and cking for rental signs and calling. This is going to give u the best way to know the market in ur area. This is not a part of ur question, but I hope it helps, please do a good backround ck. on ur applicants, if u can drive by where they live now to see how well they maintain the property. Do a extensive rental history check, I know if I was to rent out my home I would want at least 5 yrs rental in one place, that is verifiable, all this can save u alot of hassles later, not to mention u do not want extensive damage done to ur home, it will cost u so much! Believe me when I tell u, u would not believe what can be done to a property in 30 days!!!! Hope I have helped, HAPPY NEW YEAR BEST OF LUCK