Advice needed on fixing a mistake..

[Hamp Gaston]

For the group:

I purchased a property a year ago with th help of a third party who sells fixer uppers, provides rehab, helps find tenant to lease purchase house. That was my first mistake. The tenant they put in (whom I did not screen), I had to evict after 2 mos. That was my second mistake. I really wanted in real estate but trusted the WRONG people. So, failure is not an option, therefore let me throw out these numbers and I want to get everyone's advice what to do.

I do have extra cash I could use to pay down the balance to get to a more favorable cash flow/or at least help to increase the amount of principle paid each month. Here are the numbers:

appraised value: 92k
67,500 @ 7% 30yr
PITI: 562/mo
Currently leased @ 700/mo (will be increasing rent 25 after lease is up for the year)

I know using the 50% rule this shows ~100+ loss each month, thus the reason for this post to see what can be done to "fix" my mistake. Would you:

1. put more money towards paying off mortgage
2. move on to the next house with better numbers/cash flow, take my medicine and learn from this.
3. Pay off entire mortgage as quickly as possible 4. Something else

Let me know if more info is needed.