This doesn't make a lot of sense to me since the tenant is already behind on his payments.

Wholesaling wouldn't make much sense since all of the investors in your area have seen it on the market and could have offered on it in that quick offer process after the 30 days elapsed.

But, if you pay utilities, it might make sense to add a bit for the extra water / electricity.Personally, I would use this as an opportunity to tear up that 3 year lease. 

That will give you a sense of where the demand is.

If the property is in a good rental market, with solid cash flow potential and the ability to build long-term equity, holding might make more sense.

Secondly I would look into if it make sense using realtor or not, there are markets that it makes sense and there are markets where unless you as the owner are paying agent fee most will pass. 

Buydowns make sense for many buy & hold investors IMO.   

- then get with an accountant and discuss whether it makes sense to convert your LLC to an S-corp.

It’s nice to have a million dollar property I didn’t pay for as part of my retirement plan… ;)Makes sense.

Does anyone have a sense of whether flood zones impact the resale of lake front houses?