When it hits the bottom I will pull out of those and spread it around to stocks that I think will recover very well over the long term (vacation type stocks) that were hit the hardest so far and will probably continue to go down more over the next couple months.

Not a good financial situation.Even if the property value recovers in several years, you will probably only break even.

This was a pretty big rehab project and took a few months to complete - however, with a $321,000 purchase price, this house is now worth $485,000 and I was able to recover a majority of the cash I put into the deal as well as go from 5% down payment to 20% equity all while owning a fresh new house!

I know nothing about AL, but I doubt you will be able to recover cost of your money.   

On the one hand you could buy a turn key duplex or tri plex in Cleveland that cash flows decently, or on the other side of the spectrum you could MOVE to Cleveland, house hack a distressed 4 plex using FHA with 3.5% down (~7k), rehab this (~20k), then refinance out in a year using a local credit union to recover all of your money, all while BRRRR'ing another single fam house, then repeating the following year, to accumulate 15-20 units in a few short years, with the plan being to expand into mid sized multi fam vs syndication after that.

Account Closed Back in my lawyer days, I helped a nonprofit try to recover $3 million "borrowed" and lost by a former CFO who had a sure-fire method of making a killing through options. 

I made my parents some money on their retirement funds, and was able to recover approx 93% of all funds invested.

In reference to @Peter Walther post about foreclosure, the following is copy & pasted directly from the State Bar of Wisconsin Form 11-2003 Land Contract:"Purchaser agrees that in the event of a default in the payment of principal or interest which continues for a period ofdays following the due date or a default in performance of any other obligation of Purchaser which continuesfor a period of days following written notice thereof by Vendor (delivered personally or mailed by certifiedmail), the entire outstanding balance under this contract shall become immediately due and payable at Vendor's optionand without notice (which Purchaser hereby waives), and Vendor may singly, alternatively or in combination: (i)terminate this Contract and either recover the Property through strict foreclosure or have the Property sold by foreclosuresale; in either event, with a period of redemption, in the court's discretion, to be conditioned on full payment of the entireoutstanding balance, with interest thereon from the date of default and other amounts due hereunder (failing which allamounts previously paid by Purchaser shall be forfeited as liquidated damages for failure to fulfill this Contract and asrental for the Property); (ii) sue for specific performance of this Contract; (iii) sue for the unpaid purchase price or anyportion thereof; (iv) declare this Contract at an end and remove this Contract as a cloud on title in a quiet-title action if theequitable interest of Purchaser is insignificant; (v) have Purchaser ejected from possession of the Property and have areceiver appointed to collect any rents, issues or profits; or (vi) pursue any other remedy available in law or equity.

If things go wrong, you want to be able to recover some losses.

As a rental, the cost of the garage would need to be recovered before you started to turn a profit.