Remember to get An inspection of course to make sure no major game changing structural deficiencies are at hand.

If you meet most of these, but are deficient in some, then you'll need a variance.4) You might also need a special permit5) You'll possibly need architectural drawings6) You'll definitely need a class 1 survey. 7) Then, you go through the process.

Deficiencies are deducted from the requested amount.Depending on WHAT your GC is doing, a typical burn rate is $5-8K per week. 

Also, a foreclosure is typically faster, and of course more effective, in resolving these situations.....with a deficiency judgment against the borrower afterwards, if warranted and allowed by law.

How were the identified deficiencies to be repaired (should always be very specific)?

Even if other competing housing is rented for higher rates, the subject property may have some inherent deficiency that the market discounts.  

Perhaps re-invest that equity for cashflowing ones OOS to balance out your cashflow deficiencies.   

If I just let it go back to foreclosure can they come after me post sale for any deficiency of judgement?

I just had one offer me a DIL but because he owes more than it is worth I am going after a deficiency judgement instead.

Usually you provide some mechanism to give them the opportunity to correct deficiencies before they move out through some kind of check-out inspection. 2.