A sale removes both burdens and allows you to start over fresh and focus on more than one purchase.

As much as 70% of the deals wholesalers bring to title, don't close, so you could very well loose your earnest money, as well as any expenses you put out for inspection, option money, contractor bids, survey, etc. 

I would start by getting a look at what you're working with - paying for an inspector to visit isn't a bad idea, but depending on how much hoarding was done, it may be wise to remove some of the junk items first so they can give you a more accurate report. 

You loose your capital gains exemption if you turn it into a rental (some exceptions). 

Condos have very strict rules regarding %owner vs % investment and can loose their condo cert if they don't abide.

Cost TrackerLot Purchase Price 20% - 15%Architect & Engineering Plans RenderingSurvey 1 (Stake Corners & Elevation Cert)Surveyor (Final Elevation Cert & Final Survey)County Permit Municipality Utilities District Portable ToiletFoundationSilt Fence Site Work (tree removal / 8in Dirt Scrape)Concrete SlabFramingLumberEngineering Wood Products (Trusses)Accessories & LumberFraming Labor $2.5 per sqftPlumbingPlumbing TurnkeySinksToiletsFaucets & Shower TrimElectricalElectricalHVACHvacInterior Windows & Material Back DoorFront DoorSiding, Sheathing & Cornice MaterialSiding, Cornice, Doors, Window LaborRoofRoof Deck MaterialRoof Deck LaborStanding Seam Metal Roof (optional)InsulationInsulationDrywallDrywallFirewallHang, Tape, Float & Texture LaborDrywall Touch Up LaborPaintExterior PaintInterior PaintExtra Cost (Caulk & Paint Upgrade)CarpentryDoor Handles CabinetsInterior DoorsBaseboards & Shelving (closets, utilities & Pantry)Carpentry LaborCounter TopsCounter TopsMirrors MirrorsGarageGarage Door & OpenerDrivewayDriveway Flat Work (AC Pad, Walkways, Steps, Backyard Steps)TilingTile MaterialTile LaborLVPLVP MaterialLVP LaborRailingRailingLandscapingLandscape Final gradeSODFlower BedDumpsterDumpsterApplianceseDish WasherStoveMicrowaveMiscMail BoxFinal CleaningHouse Plan PrintsWater & Electric During buildRefunds / DepositsRefundable Deposit

I didn't block or remove any thing.

The only real challenge we ran into was the seller originally wanted to set this up as a illegal duplex so there were multiple electric panels and corresponding wiring so that was going to have to be removed and redone in a single family format.

And even if it were stunning newer granite of quartzite, removing installed granite is difficult and usually will crack as it is glued down with some sort of caulk.

We also had an extra umbrella policy.Now that a few years have gone by and we've obtained more assets, meaning we have more to loose, it's made since to start an LLC and start to move things under its protection.Even if you get a good management company, which sounds hard to do, you'll still have to manage them and make sure they're staying on top of things.