You are in a fine spot financially, at least from what you shared.

@Vincent DeLucia check out our website where we have the entire Metro Detroit area listed by Property Class and the 183 Detroit Neighborhoods.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

I don't have any of their financials yet but expect that they ran solidly for years with a knock from covid.

Talk w/ each tenant, work with them if necessary on an increase schedule that won't cause them a financial hardship but helps you achieve the increase.

What are some ideas should i explore so that I can minimize the financial loss in this situation especially given I cannot refinance even if the rates were 0% as my property value won't appraise.

I’m beginning my journey into real estate investing with the goal like many of you of generating passive income and discovering financial freedom without having to rely on a “day-job” for much longer, so I can travel more and spend more time with my young kids/family.

If you want to move it along, you could offer to waive that cost in exchange for being 100% gone by an agreed upon day/time or even offering some additional financial incentive. 

Builders and institutional investors have responded with a number of build-to-lease projections throughout the area. 

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

But semantics aside.Many more institutional groups want to see tenure.