If I'm paying $150 to turn a rental, you would probably have to be sub $100 for me to give you a shot.

I also have a mortgage on this property paying $683 a month.Now I'm deciding should I continue waiting for a possible tenant or should I just sell the property.

This is a family property for which I will be paying 3/4 of the most recent assessment value.

For example, using 70-80% leverage could preserve your cash for more deals while maintaining strong returns.A blended approach might work: pay cash for smaller deals to avoid delays and borrow on more significant properties to spread risk.

We generally advise our clients to go ahead and pay the recapture rates if death is the alternative.The good news about recapture - the deductions are a deferred tax liability to you, and an interest free loan from the government.

I got a 1099-INT from him to file my tax, which I paid a big portion out of 8% (effectively around 6% after paying the gov). 

Granted new construction probably won't appreciate as much and you'll pay a slight premium for the property.  

@Robel Nessro  Many young people are buying houses and then having roommates to help pay the bills.

Often times you will pay much more in taxes than if you pulled the money out, paid the taxes and penalty and then started investing in real estate.For example, with the financing you mentioned, the IRA must pay taxes on the portion of the profit earned by financing. 

If I identified the offender, I would probably bill them back for the wasted water and when they didn't pay evict them, or non-renew them if their lease was near the end because that is simpler.