I think that a Short Sale would be the best option to get some discounts/concessions from the lender - however you would need to have a knowledgable Short Sale agent on the seller side.

I am originally from there and manage on in Ventnor and have had some issues getting a straight answer on what I should even be charging for tourist tax. 

Thanks for setting him straight, Brian.

Whenever I have used seller financing as a buyer I always put in the note that the note holder must give me the first right of refusal to purchase my note at the same discount they are selling it at.

Quote from @Bob Dole: All,Apologies for the newb question, but I just heard about cost segregation and have been reading up about it online.My understanding is this (and please correct me where I'm wrong):Pros: -accelerate depreciation, front load (vs. just a straight line over 39 years) -save money on taxes because of the depreciationCons: -if I sell the property, the recapture will be larger -not recommended if you flip propertiesSo hypothetical situation:-Majority of our income is W2 based, let's say it's $500k-Net income from commercial rental is $100k-Income from dividends and interests is $100k-Both of us are full time W2, so non-prof real estate (but this can change  -- please see below)So we're hypothetically grossing $700k a year. 

Use code TTP for a discount!

I am not.Now, esteemed attorneys, please set me straight if I am wrong on this.PS.

They post their rooms on the normal hotel, discount site, etc.

Unfortunately looking like this specific deal likely won't pan out; seller is definitely not motivated to offload quickly/discounted based on their replies.I found a realtor through BP who I'm now working with to find a property, so progress in the right direction!

If you used a loan to rehab your property and find yourself in a difficult position, doing a straight refi (just paying off the old mortgage) will be easier than trying to pay off the original loan and take additional cash out.