At least a couple months from now and I need to stop bleeding $3000 on this house, in addition to paying the mortgages of the 2 I am rehabbing with no rental income to offset.

Because I couldn't rent out the premises, thereby stopping the bleeding of their damages, without it.I also warned them that I had already posted a 5-Day Pay or Quit Notice on the door and would have no choice but to go through the eviction process if they didn't give me any word they had vacated. 

@Thomas Nance, I would file the eviction notice asap to stop the bleeding.

You've minimized bleed with rental in place that is providing some equity build as well as saving the huge tax bill vs a small monthly shortage.And you give yourself some time to educate on the KY market.  

Always have a back up option to stop the bleeding.

The dollar amounts and contingencies blacked out and then copied on a copy machine to ensure no bleed through.Having said that, I proceed with (maybe unwanted) general advice:I would write the 1st right of refusal clause not based on 'better' but based on closing date, as this is the point of discussion.

Swell guy. 

Of the 15 properties he sold me only two have showed a slight profit the rest are bleeding me dry. 

Also an owner could hope that "someday" they will fix it up so they do the min. like paying taxes to keep ownership.Often the best choice for these owners is to sell the property and stop the slow bleeding.

Many condo communities are bleeding money still after all of the homeowners that fell into foreclosure.