@Rick Bassett  That makes perfect sense to me... 

Once and if you get a judgment, you will still have to perfect it by collecting on it.Based on the information you provided about the contractor’s financial condition, collection seems unlikely.Sometimes it is best to take a loss and gain by the lessons it brings.

Great property, perfect for the family until we can sell this place and do it again!

Most folks don't hit the nail on the head perfect the first time.

The perfect recipe for Airbnb failure! 

Crypto has been taking a pounding 

Perfect flip How did you find this deal and how did you negotiate it?

I've used it in pet, mold, cigarette and sewage contaminated structures with near perfect results. 

So, a property may be in a "red" area on a map due to proximity to crime in the past year, but the actual location of the home is perfectly fine for a long-term, passive investment. 

By no means was this project perfect as it was our first one but we learned so much and even with all the bumps on the road we came out winning.