I can make the numbers on a good property turn bad for a year or more due to the loss of rents, if they can't be recovered. 

@Thelma BalCost segregation can be a great way to accelerate depreciation and reduce taxable income, but it’s most beneficial for properties over $500K or for investors with significant income to offset.

I am an experienced investor having done properties with partners and alone.

I did another one were I paid 240k for the property and a developer swallowed us up in 18 months and we sold for 970k.. without doing much to the project.As Cody mentions this is not for everyone and I would say very few could do this in reality. 

I immediately recognized that the listing agent/property manager had the current rent well below market & the asking price massively wrong.

Managing Class C & D properties is NOT for every PMC!

Could you send me your email (feel free to format it like “name [at] domain [dot] com” to avoid filters), and I’ll send you the link directly.Also, I’d love to hear more about your background:How long you’ve been in property managementIf you’re currently involved in multifamily investments or looking to expand into that spaceWhether you’re exploring tools for your own portfolio or considering something broaderLooking forward to hearing more and seeing if there’s a fit!

From owning this property, I have learned so much and overall it has been a great experience!

You must have known the property was in arrears, so it becomes your duty to be in contact with the bank through the process.

He can fight the seller to still buy the property but you are out of the deal and want your money whether he signs cancellation or takes it from his pocket.Key thing is focus on your agreement / contract and your rights.