In return for excellent service I'll be offering repeat business and I'll happily provide referrals to my existing investor network for those top performers. 

The behemoth cabins in the Smokies are super cool, but other than high season, it's mostly weekends.

At the end of the day, losing $10k is really not a lot in the grand scheme of real estate investing, and given the seeming high volatility of this market ($275k to $220k, presumably in a matter of months), and the generally high monthly cost of HML, I would get out quickly and think of the loss as the cost of education.At least in my area (Cincinnati, OH) I don't see the market dramatically improving even as we get into the spring buying season, and, honestly, I only see mortgage rates continuing to climb for the foreseeable future, taking more and more buyers out of the market.

:@Chris Seveney Going to local Rei is far from high level networking.

Prices in relation to rent are too high to have the cushion that was available before. 

Non performing assets are why the notes are so cheap and give great returns. 

I already have some equity in the property after doing a complete rehab but I don't want to diminish my returns selling it after one year, paying for commissions/closing costs.

Zachary,Your concerns about Cleveland are valid—high property taxes and stagnant population growth are definitely challenges to consider.

The other factor that's relevant for me is that my husband is a high end W-2 wage earner and we could greatly benefit from the potential tax benefits of actively managing the property. 

The GSEs, Fannie Mae and Freddie Mac, both allow the use of foreign income under certain circumstances.In the personal tax returns provided by a borrower, you may see an IRS Form 2555, which identifies the foreign earned income.