Despite pouring a lot of time, money and love into our units, they are unlikely to look much better than the wrecks they were when we bought them for longer than two weeks at a time.

I'd be a nervous wreck.

By tying it up in a contract, you prevent them from continuing to market it, and selling it to an actual buyer before a foreclosure wreck their financial world.Doing that with no intention of closing yourself if you cannot find a buyer is absolutely crappy behavior.  

To continue the metaphor, a train wreck, of course, stops everything and there's lots of cleanup before you can start over.Dunno if that helps.

We had some SFR in Dallas that got wrecked with new property tax appraisals, have small multi-families experienced the same fate? 

One regulation passing can wreck your portfolio.

Any advice on this would be hugely appreciated... we need to figure out what to do today (Friday, September 6th) and are nervous wrecks over this.

Dean can you imagine the carnage that would happen with out of state investors trying to rehab C class in Memphis  which is what the wholesaler told them but its really D class.. its just a train wreck waiting to happen.. 

The collection agents had her a nervous wreck so I called the asset manager.

The city building inspectors have been fine to work with in my experience BUT as I mentioned in an earlier posting, if anyone ticks off or gets in bad with the city of Milwaukee, they have no qualms at all dropping their hammer on them and can and sometimes will wreck financial havoc on people and they're especially worried about absentee landlords (which I totally understand since we've had a lot of clowns who chase down their rent $$ like bloodhounds, but somehow when it comes time for major $$ repairs, they are harder to find than DB Cooper!