And the only job losses that result from raising the minimum wage are youth jobs and that's because adults will take them if they pay well enough to make them worthwhile.

Get ready to spend some serious time shopping insurance and make sure to get rental income replacement coverage in case of a loss.  

The loss given default on 2nd's can be much, much higher than that of 1st's.

YES, you will miss something and have unexpected expenses, OR you will have a bad tenant experience with damages you are not able to recover from them.

However, we’re concerned about its current condition and whether we can sell it for a reasonable price.I’m looking for advice from experienced investors on the best course of action to minimize our losses.

I would also be added to the hazard insurance as an additional loss payee/mortgagee and have a lenders title policy for every transaction as a way of further protecting yourself.

This is different from homeowner’s insurance and will cover things like property damage, liability, and loss of rental income.

Rates are now higher which will kill their cashflow and encourage them to cut their losses and sell.

So long as you are a Trustee/Beneficiary of that Trust, you are still on title, so if they try to give you crap about it, it is very easy to prove that.A better way would be to get a non-recourse loan, then QCD to the trust, but the pricing for non-recourse has yet to recover from what I've seen in the lending market so far.I don't have any experience or insight into a JRT... or what the advantage would be over an entity when doing JV...Cheers!

Turn the space into a leisure common area with bbq area and fire pit and you likely won’t see much loss in rent or turnover time.