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.

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.

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.

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

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.

Haha,I was famous there once upon a time - https://9now.nine.com.au/the-block/i-doubled-my-money-on-aus...Negative gearing is buying a property where the rent doesn't cover your mortgage.You tally up the total monthly losses and let's say you where negative $30,000 for that year.You earn $100,000 from your salary that year.But you would only pay income tax on $70,000 as your property was negatively geared by $30,000 for that year.Make sense?

Remember, even breaking even or taking a small loss is better than many first-time flippers experience, and it’s a great learning opportunity.

@Femi Ibrahim so sorry about you losses.