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..

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.

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

As the primary market is priced high, when these primary markets expend, they will come to the 2nd/3rdary markets-avoid 1 industry towns.

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

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

Worst case they just want me to change it, or in cases I have had Fannie throw a fit and want to use there paper work, but even then the process bought me time, where I could have exited the deal.

Obviously, on paper, I would much rather keep the home and rent it out having such great equity and an amazing rate. 

@Ilyas Karzai on paper, many out of state properties look like homeruns.