Atlanta House Conundrum

[Lakila Richardson]

So there's have a 3br/2br house in Atlanta that was purchased in 2006 and financed with an 10 yr Interest Only which flips to a 20 year conventional in 2016. The house has been rented on and off with varying degrees of success and is now vacant and on the market for slightly more than the remaining mortgage amount. It's in tip top shape and newly renovated but it's been a tough sell. It's currently under contract but the buyer keeps pushing the closing and the deal will likely fall apart all together. 

If this contract falls through, the owner wants to take it off the market and re-group. It can be rented for a profit of approximately $200/mth but only until the mortgage flips in mid-2016, at which point it will lose approximately $200/mth if not more.

Has anyone successfully navigated out of a situation like this before? Any suggestions for mitigating loses?