This is current take home- even though its not papers.   

In other words, is this a true Co-Hosting situation or just on paper and you have 100% control of operations?

NOT a lawyer, but if your name was on the title and your ex signed papers and but you didn't; it shouldn't have been legal in the first place. 

the deal works really good on paper , its not in a bad area its actually in a decent little community with a k-5 across the street and all that. neighbors are cool too . just met them yesterdayPretty much all systems are go , the wife is on board, the price is right , otherwise a great deal but these weird things the guy that built it chose to do..

Amending returns can rectify the mistake on paper, making sure everything's in the right place for both the IRS and any future buyers.

Looks better on paper, no carrying costs, lender points, etc.

That simple rule will help you immensely form making a big boo boo and chasing yield on paper.

The difficult part is that many times renovation costs run over - some people add another 10% to 15% contingency on top of their budget on paper.

dont have an answer there really only is two..sell take your lumps.stabilize and take your lumps.but for others reading this I think it is a cautionary tale of leaving your home market that you know well and if I was guessing I would say you did it to chase yields that looked better on paper that what you currently are doing. 

However, you could still have - cashflow on paper, but still break even or potentially have + cashflow on your taxes.