Building wealth quickly is not an enjoyable experience—you have to go through some pain to experience the reward at the end.Trust me, from personal experience: the quicker the wealth building = the more pain.

None of this has anything to do with your personal tax return.

Imagine making millions of dollars over the course of your career and then having to pay 30-50% every year to uncle sam instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they just buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of best ways to end up with a much larger net worth at the end of your career.

If you have, you have put yourself at great personal risk.Again, I recommend you get a lawyer as soon as possible.

I personally use a company called swift permits.

@Erica King Sounds like this is more of a personal budgeting concern rather than a real estate one.

The person I would seek advice from is a CPA about this. 

I have absolutely nothing to gain here whatsoever so I'll bow out of the conversation.

If the person stops making payments, they alas,  have to foreclose.

It's a personal preference.