you either own the property and you lease optioned it or sold it on an unrecorded contract.. and title did not transfer. or you sold it and title transferred and you took back a note which would be a second it sounds like ..bottom line is your not explaining this correctly and only giving crumbs of what the situation is.. so its really impossible to give recommendations when you don't even know what you did or did not do.. so IF YOU transferred title and took back a mortgage and NOTE  which the only reason you take a note is if you have a mortgage tied to it..and you transferred title sub too your existing loan.. and your loan is a second or a wrap.. you can now foreclose and take it back over but you need to pay off the underlying or they are going to wipe you both out

It is tough to make income property work in Old Town because of the high prices of properties, but not impossible. 

With technology being so prevalent, is it impossible to find and close on a deal completely online while only using a friend to view the property (for due diligence purposes) in the area where the deal is located?

remember 2 years ago it was near impossible to get spec loans.

bear in mind cash out refinancing may be impossible at that price point.

I love the idea of investing in properties nearby by, but I'm quickly realizing it's nearly impossible to get reasonable returns in NYC at current prices.

Neither prevents you from splitting profits 50/50, but it prevents dozens of other problems.If this is impossible due to egos, trust and whatnot - then try 60/40 or 51/49 partnership.

But I came to find out the land was impossible to build on because it was all rock.

That's impossible since there's no fuel tank for the oil furnace.

This is a really hot market so while it's by no means impossible to get in now, it is a particularly tough time to get started.