Maybe there is gold behind the walls? 

Asset depletion/utilization loans with no income docs for primary are going to carry a higher rate like @Erik Estrada mentioned, but this seems really high.

Probably best to work out a termination agreement and find your next tenant.Of course, you have to consider your financials to carry a potential vacancy, location of the unit, how quickly can you rent it, etc...

If it was, how many of them could you afford to carry. 

I've done some additional calcs and I'm going to need $110k net income (which includes all carrying costs) to break even. 

Gold felt, looks great.

That presentation idea is gold. 1-3 minutes max in simple easy to understand terms.

Our agent wants us to counter much higher take a chunk down and carry $4MM @ 10% until the construction loan or a deadline we define ( should be quick ) What are the risks vs a cash offer? 

(I can just do more tIRA withdrawals to tweek AGI to suit)2.) 5 yr carry forward of excess deductions - (could use to draw down ~$800k tIRA BEFORE RMD or more Roth rolls)Situation: Very desirable but very hard to sell income property (older (1979) small, low value Mobile home,(home = ~1/6th the value of property - Banks don't lend with that ratio) Beautiful acreage, (3) large shops, pond, barns, Very livable cabin (knotty pine!)

So, if I did an electrical upgrade that was inspected by the town, and my house burns down for faulty wiring (that was inspected), the town carries no liability.