I am not anti-Texas, but a brand-new investor shouldn't be investing into a widespread down market unless they know which towns will rebound first.

Hi @Ryan Dunn - the easiest is just to ask a few brokers that are active in the area, you can also simply attend a local real estate investors meetup (a lot of them are free or very inexpensive) and let folks know you're looking to offload your inventory. 

Why not simply find a seller that will sell their property at 70% and forget a 30% carry back?

Okay so am I hearing both of you correctly that it would be best to simply sell even for a loss vs. holding it and renting it?

Simply, sell.

Have you talked to the tenant and simply given him the option of breaking the lease?

Wouldn't you rather avoid the claim in the first place along with the time and expense, increased insurance premiums, being limited to surplus insurance carriers etc. rather than absorb claims simply because you have an entity? 

When there is a recently acquired long-term rental, lenders can simply throw in the lease agreement and use 75% of the rental income from that, but on a short-term rental, there is no lease agreement, so the only way to document what the actual cash flow is, is by using Schedule E of your most recent tax return filing. 

Show people what the investment looks like over the life cycle otherwise people simply don't have enough information to go off of.

If we could afford the price point in our local market we would stay in the Southern California market but its simply too expensive.