If there was extra land I could parcel out or demo the building and construct a higher density or sell the land to a developer for a fat profit then the building breaking even wouldn't bother me as much.Because the value wouldn't be tied to just the building bit more so the land that it sits on.Also if the rents were under market and you had deferred maintenance that would come in as far as value plays.I don't just look at a property from an income stand point.There are many angles to look at it from where it might make sense.

Please allow me to start with I have since learned the lesson of having my exit strategies in place and not properly managing my team. Everyone else has their money and I am about to lose my shirt.My first real estate...

Demo has begun.

It is the state so it took a while but along with 60 other houses it is going and  FEMA can get the army corp of engineers in to demo and reflood the swamp to buffer the turnpike.  

We just started demo today and made EXCELLENT progress.

Here's what I'm seeing from the other end (three recent examples I was interested in purchasing):1) foreclosure being destroyed from the ground up by termites: bank sits around waiting for unrealistic price while damage grows.2) foreclosure being destroyed from roof down from multiple leaks: bank sits around waiting for unrealistic price while damage grows.3) foreclosure on bad side of town getting destroyed by all of the above plus vandals: bank sat around too long and now the property is scheduled for demo on the bank's dime.Hellooooo..........

I'll take the policy payout, demo or do what's required by the muni to clean it up, and then sell the lot.

End of the year we restructured and build the ATeam, they will do demo, framing, decks, windows and framing.

Even after you demo the existing plumbing, don't toss any of it until you're all done.

I did not realize that you don't get your draw until after a part of your project is completed for example you get your demo draw (money) after the house has been demoed.