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Yes we are sick of living in a cramped space but don't want to get into a worse situation.

Bidding on a house and they sprung this on us. Talked to my my lender and they are  not keen to go beyond the 30 days.

How do I protect myself from property damage while the seller is in the house? Do I need to take extra insurance ( I currently live in an apartment so I have very limited insurance ) or will  the seller's insurance cover any damages.

Yes , it will be PITI . Can you point me where this gets excluded from  income tax?

Yes , I am not looking at making money out of it but  to cover  my expenses. We are just  getting  another rent increase ( joys of Irvine company) and are on month-to-month so  want to get  out of it as well. >>From the buyer side, the tax implication isn't that high because you usually create...

For one home that we like the seller wants to rent for few months( it will be our primary residence , we are currently renting) . Is this safe and do I have to pay income tax on it at the end of the year?

We are focusing on Quail Hill  and NorthWood .  The one thing about Northwood is that some parts don't have HOA.  Can this be a problem in the long run where some homeowners don't keep up with the maintenance and the  whole street  looks shabby  bringing the prices down.

jmoney74, I agree on the house size . The 2 kids are still quite young( under 8) so they do like running around. Our ideal needs are a 4 bedroom house with a  yard  but I am assuming this combination will go over 1M . I don't have problems with older houses but don't want to be too far away...

What about Quail Hill area?  I see houses around 700 - 800 K that are  close to 1800sft .  They seem to be similarly priced  to the newer construction  but the area seems to be nicer.

We have been living in Irvine for 2+ years  and have started seriously looking for houses( moved to a month-to-month on our lease). With so much talk about Irvine housing begin overvalued and rezoning of schools , I am really confused as to where to buy property  that won't depreciate soon after...