I would not envy investors who participate in this vehicle when the team has not track record of success with it. 

And if your investor friend’s private loan helps fill in any gaps, it might be worth considering that short-term pain for long-term stability.What do you think you’d focus on first... paying off that line of credit as fast as possible or jumpstarting the renovation to boost cash flow right away? 

I don't even think its worth a sub-toSounds like you spoke to collections (who will tell you anything to get money) and not loss mitigation, as paying back due balances are NEVER part of a short sale.

UPS box is more expensive, but can do more things such as used as a business entity's main address on record.

It’s also worth diving into local regulations and HOA rules—they can shift quickly in coastal markets like this.

Maybe seller financing.But let me ask this question, what happens if in the third month the furnace goes and needs $2000 worth of repairs?

Now he has an eviction on his record and large debt.I know that's long, but I thought some of you might appreciate the absurdity of it all.Anyone ever collect these settlements? 

Is it worth to refi at current rates?

Even if you are negative cash flowing but living there, it may be worth it, as you are not paying rent to someone else.

While it is possible and can be profitable to invest in small properties out of state, I don't think it's worth your time and effort.