Honestly if the market is going up you can make rookie mistakes and the market will generally cover you, however when the market is declining like it is right now rookie mistakes often get compounded, so take the next few months really keep learning, consider your goals and most importantly your risk tolerance and once you see signs the market is recovering jump in and as long as you’ve taken an appropriate risk for your situation and prices are going up you’ll be fine. 

CF has one role when you buy a property...to recover your cost ASAP. 

The biggest RE mistake I've ever made was not riding out a rough spot and selling instead of waiting for the market to recover.

Can you suggest that what option do I have now to recover the unpaid rent or reporting it to their credit scores?

This tells you how quickly the REI should recover their cost.3 - Starting Equity:  Subtract the debt principle (mortgage and any other debt directly associated with the purchase of the property) from the Property Value (this could be higher/lower than the purchase price). 

We probated the estate in order to recover monies owed to us.

Recovering: I do think that burnout is real, and it is better to take a certain number of hours and be very highly productive, than to say we worked like 14 hours, but a lot of distractions in there.

Some industry insiders will tell you most REO Foreclosures are not good deals, and many are not because the bank is trying to recover their investment.... but if you know your market, that neighbor hood, the pricing, features and comps, you could start to know a deal when you see one.

However, since you're not buying it, can you send me the info on it (so I can...LOL).If my assumptions are correct, it would mean you would recover your cash (money you spent) used to buy the property in 3 years and 3 months. 

(rates between 6% and 6.75% with .5 point) My monthly expense would be around $2500 and cashflow about the same.I have the $ for the other 20% + closing but want to keep my up front costs as low as can be then recover my out of pocket from cash-flow (and hopefully increased cash-flow from being creative as mentioned above).