Either way, most banks have other programs that could help you out.

@Gregory Wilson can you be more clear about what you mean about a loss?

There are pros and cons but i believe for most properties the cons out weight the pros.  

Of course we can cut our losses and switch.

But if there is a job loss and can't pay then do the notice and or cash for keys program. 

You will have to gather more accurate operating costs (vacancy loss, taxes, utilities, insurance, mgmt fees, maintenance, HOA) to best determine potential future performance.

Apparently, not only did they sell at a loss, I didn't get any money back at all and they claim I owe them an additional $40,000 for "renovations" despite no work being done to the building at all. 

I have programs that require only 10% down for the purchase, and will finance 100% of the rehab.

I recommend you research the local section 8 program. 

As mentioned by @Chris Mason, Bridge Loans: These short-term loans can provide immediate financing until more traditional financing becomes available or until the property stabilizes and becomes more attractive to lenders.Interest rates and stipulations may be a pain.Out of the box here and requires a few more research, SBA Loans: Small Business Administration loans can be an option, especially the SBA 7(a) loan program, which can be used for hotel acquisitions.I heard someone  mention - Mezzanine Financing: it involves a combination of debt and equity financing, which might appeal to some investors looking for higher returns.