My GUESS is these homeowners have been tricked/screwed in to signing a long term power purchase agreement, often with no buy out provision.

One of the first deals I had (multi in an up and coming area) my buyer was paying cash and the deal was solid.  

Quote from @Quan Pham: I'll give you the easy answer: sell.If you were fired up about owning an investment, I would recommend keeping the house as a rental.

Sometimes the trailers I buy do still have titles on them, in which case we either have the seller cancel the title with the DMV before we close, or we have them sign the title into our name, and then we cancel the title ourselves.

Evaluate Property ConditionOlder Chicago buildings often have charm—but may come with hidden costs.

I would set up calls and then sit in and listen, every day, typically a few times a day for around 6 months.

Should I just chalk it up as a loss and move on?

.- Expected renovation costs $1MM.

It also saves you some costs, which is helpful when you’re just starting.

How much did the rehab cost and how long did it take to complete?