To ease the situation, consider offering a buyout agreement where they pay a lump sum to end the lease early.

Would love to hear what has worked for others in similar situations!

Purchase price: $425,000 Cash invested: $5,000 Helped my past client out of a difficult situation.

I would have just filed a lawsuit against them and took it from there.This situation is quite complex.

But MAYBE 5-10 people on BP are in a situation anywhere near yours.

@Sean Anthony to us, this situation is really no different than a nonpaying tenant.We try to work with tenants, as "life happens", while keeping pressure on them by moving forward with the eviction process.

@Cathy Ries Yes, tax planning before acquiring rental properties is highly beneficial, especially given your situation.

The honest answer is to be on the safe side, the property you're referring to: GC524550 2811 SW ARCHER RD, #V-177, GAINESVILLE, FL 32608 in the Brandywine neighborhood is one of the condos that are not in a good financial situation.

keep in mind 2.9 % or really any mortgage in the 4's was a once in a investors lifetime situation.

How much do you keep in reserves, and have you ever faced a situation where cash reserves saved you?