First Deal.. Bad Turnkey Situation..Looking for Next Steps

[Sean Boon]

Hello,

First post here.   I purchased my first rental property in Jacksonville about a year ago.   It's turning out to be a massive headache.  It's never been rented.  I was probably totally scammed.  The property management team is non-existent and about a month ago I received a notice from the city that the weeds need to be mowed.   Following that up, I now have a notice to board the property.  For all I know the place could have squatters doing drugs.

So, I'm trying to evaluate my options. The property is held by an LLC and would just love to shut the company down, have it to declare bankruptcy and be done with any liability on the place, but I don't know if that is an option. Anyone have a situation like this and have any recommendations on next steps.

Thanks,

Sean

[Ali Boone]

Why would you first not try to remedy the property? Get a new property manager, get a tenant in, see how it cash flows, etc. Or why have you not tried to remedy it already rather than letting the problems continue to build?