Do you have other collateral, such as another income property or your personal residence (last resort) your seller could record their lien against? 

You rent it for one year and create a successful STR business that shows a trailing 12 month net income of $75,000.  

Wish you the best.If I was you, first step is evaluating costs associated with doing MTR and comparing with potential rental income to see if it makes sense to do LTR or MTR.

When I ask for an income report, I received a spreadsheet with multiple units. 

Here’s a quick breakdown of our financials:Operational expenses (excluding mortgage): $33k (Jan-Dec 2024)Annual mortgage payments: $58kTotal needed to break even: $91k+Income earned this year: $80kClearly, we need to bridge a gap of about $11k just to cover our expenses, and I’m exploring options to increase profitability.

This is the 2ND month the same problem is happening now, we have been with Appfolio for more than 5 years and have about 60 - 80 units collecting rental income through Appfolio and we never had this issue before with the previous Appfolio team.

I do require full screening for the incoming tenant, and updated income screening for the full group of tenants.

If you paid under $230k, you’d save $30k in federal capital gains taxes and maybe another $15k or more in state income taxes.

In judicial states in which the foreclosure process often takes a year or more, this not only generates income, this also typically mitigates property deterioration, vandalism, and other costly issues which diminish the value of abandoned properties which remain vacant for extended periods.

I sell insurance and prepare income tax returns but I am not an attorney and don't play one on television or radio.The Illinois Legislature has a law either pending or just passed that will GUT LLC protection.