Cut your losses and move on.My only hesitation would be if you think you can dramatically raise the rent with a new tenant.

It's about the right processes, in the right order, to create momentum that leads to consistent closings.This type of hands-on environment is not for everyone..but it is for folks who want to dramatically shorten the curve and avoid lots of trial by fire!. 

There are specific things you need to be aware of and some rigid timelines but boosting your profit by as much as 30% (not to mention not having to recapture all that depreciation from years past) and using that money for reinvestment will have staggering positive implications for you.

Lowered my debt ratio boosted my credit score nearly 40 more points and kept roughly the same payment per month. 

Imagine how dramatically real estate would drop in the US if our beloved 1031 exchange tax regulation would be eliminated - devastating.

Everybody in trying to make a profit but if there is anything driving the decision (e.g. need to raise funds for another opportunity or need to deploy funds from a sale) it might create the opportunity for creative financing in some fashion.Know the neighborhoods - As you can see from reading on BP, in many cities, things can change dramatically literately block-by-block.

I've found Richmond to be dramatically different market than Oakland.  

@Eric JamesYes, when an IRA uses leverage, there are higher down payment requirements and the income to the IRA is subject to a small tax known as UDFI (Unrelated Debt-Financed Income).As such, using a mortgage in an IRA is different than using a mortgage personally, but that is not really the point.The thing to keep in mind when evaluating an investment with an IRA is how something such as purchasing an income property for the IRA using a mortgage might compare with investing the IRA in a property all cash, investing the IRA in a note, or investing the IRA in conventional financial products.The use of leverage such as a mortgage can boost the cash-on-cash return of the IRA, which is a good thing.  

Many will learn their cash flow never increases despite rising rents due to dramatic increases in taxes (at least in Texas). 

I think Willow Springs is going to get a boost now that the 540 plan is finalized.