You should follow all the same processes you would with a LTR, including the lease.

I will likely follow what you outlined above, but won't open my calendar right away to allow time for the permitting process.

Either way if the balance is 140k, without going through the short sale process (which will take a few months) no one can assure you of any approved sale price.

I've never gone through the zoning change process that you mention although I've heard it can be very profitable.  

Still working through the process, but looks like it may work.

That process has direct lender involvement.Where the challenge lies, is when unsophisticated "investors" with no experience, no money and no reserves use creative financing (often called wrap, subto, lease option, seller financing, land contract) to purchase properties and along the way there is a "hiccup".

That said, we understand that insurance details can sometimes be complex or overlooked during the decision-making process.

I have actually been thinkin about cutting losses honestly, I am not sure this is the best investment I could have made as my first but worried about how much of a loss I would have to take.It is meant for S8 for sure, I would have a stringent application process, and give the neighborhood a C from my research.I invested there because it was the first deal that basically fell on my lap where the mentor works with agents that Seller Finance deals, it was only $3k down and had thought the proximity to St.Louis would be attractive to tenants also.I effed up on waiting to post for rent until after all repairs and the COO for sure.  

What's more, these contracts were never recorded before or during the foreclosure process, and the homeowner was actually in default on the first mortgage when they entered into these agreements.

Hello Anique,We still have it up for sale while I go through the rentredi processes I will turn it into a rental while the land lease gets worked out.