Advice needed on South Chicago Condo flip

[Skip Reath]

Hi all first time on BP so hope I do this correctly.

Have a situation on a fix n flip deal that has turned into a nightmare. Purchased 13 condo units in a south Chicago complex in 2012 hoping to fix n flip. So far I have only sold 2 units due to the Condo Asssociation losing its FHA financing. There are several delinquencies in the complex which led to this. Currently I am allowed to rent 7 of my units which I am in the process of doing (3 rented and 3 applicants being processed). The management company for the HOA tells me it could be a year before the FHA is restored. My question is it possible to sell w/o FHA? If so do I need to discount the price? Would a lease/purchase option be viable? I had them listed for $125,000 for a 3 BR 2 bath and $115,000 for a 2 BR 2 bath.

Also was wondering if it's possible to sell all of them to another investor who might better be able to handle the issues with all of this as the carry costs are becoming a burden.

Thanks for any suggestions!

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