Cutting our losses and selling was difficult, but it was the best option given our financial woes.I’d love to hear from others—has anyone else faced something this unexpected during a BRRRR or flip?

However, if you are an out-of-state slumlord, you can now pass 100% of the financial and legal liability of maintaining a property onto some poor local.

You should also check to ensure they have Errors & Omissions insurance, Fidelity Bond coverage, and a Financial Institution Blanket Bond.Some are more consultative and advisory and provide guidance, while others are just processors. 

@Denise Lang some copy & paste thoughts:TYPES OF RENTAL INVESTMENTSRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I AM NOW USING MY 9-5 TO PAY OFF THE PRIVATE LENDER EVERY MONTH WE ARE SET BACK FINANCIALLY BUT THE future IS BRIGHT ! 

With the potential for a small financial loss on your end, litigation would certainly not be worth the hassle and expense.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

If so, invest.Then ask yourself if you're financially fit; can afford this property to make it 1.25 DSCR and have significant reserves for vacancy, capex, lead times, etc.

It could impact your home equity and financial security.For a safer and more specialized alternative, consider a Fix & Flip loan. 

This gives you a foothold in the market without overextending financially, and you can always explore other investments later.If you can find a multifamily property in Asheville, that’s an even better house hack.