Too many pluses (land, size limiting market, rural area, etc...) don't help you sell, add to the cost, that will be very hard to recover.

My cousin is in his late-twenties and recovering from bad credit from college credit cards and unpaid student debt.

Unfortunately, I suspect the missing funds will be difficult to recover if they were cash, and you would probably spend more recovering them than they're worth if he makes it difficult.

My parents lived in Phoenix for a long time so I know a bit about the area, and real estate here hasn't fully recovered from the last housing bubble (though it has appreciated greatly in the last 2 years, unfortunately).

It would be financially disastrous if they were to lose the 60k, they may never recover.

@Brie Schmidt I hope you were able to recover your losses. 

Even if you did, it'd be a learning experience and you can always recover.  

I do believe, based on the information posted, that you can and will recover. 

Condos are also especially volatile in real estate cycles - first to drop in value and last to recover.

I've heard it hasn't recovered since the crash.