Focus on finding a replacement with strong tenant screening processes and performance guarantees.

In an ideal scenario, it’s possible to complete the process in about three months—especially if the rehab is minor, you have your financing lined up, and the property rents quickly. 

Do you understand the lien sale process? 

Because you are forcing equity into the house you are sometimes able to pull back out the entire purchase and rehab process to return to your investor then you own the home with just the mortgage.

This includes if the property does not close.Your agent should be holding your hand through this process.  

My own personal experience is that a huge stressor has been lifted since I've stopped spending hours looking for and analyzing deals and my index funds/stocks are doing well (just hope it doesn't decline in value when retire from my W2 job). 

I’m wondering on the process of getting things in order to rehab the house through insurance and put it up for sale.

After a long and complicated history with the current tenant, I’m now starting the eviction process.

In your scenario, claiming that $117k depreciation deduction could lower your taxable income from $700k to $583k, which is a huge benefit in the short term.As for the RE pro status, if one of you becomes a full-time real estate professional, you can potentially offset active income (like W2) with passive losses from real estate. 

He brings ideas and solutions to issues that come up during the process.