We provide suggestions, some very simple like regular content modifications, but are regularly told they are stretched and cannot do everything that self managers can do.  

I'm not referring to short sales, but to loan modification or some other workout agreement with the lender to keep the owner in the house.Loan workout agreements are best suited for someone who wants to stay in their home and only had a temporary setback.

I only invest in 1st position mortgage notes, which is just another way of getting into real estate, it's just (in my personal opinion) a nicer way as you don't have to deal with tenants, etc...In summary:- Buy non-performing note- Work out an exit strategy (loan modification, Deed in lieu, short sale, foreclosure, etc...)- Do it againIt works very well for me, especially that i also travel alot since my day job is in the consultancy industry as well (Software implementations). 

Are there any modifications to the written lease?

You can use those modifications all year round.

Took a quick look at the GA instructions for individual income tax and so no state modifications that would have GA deviate from the federal treatment for these passive activity gain/losses.

You should be able to try a loan mod even if you are current with payments and have a hardship which you do.For instance you could get a 7% loan turned into permanent loan modification 2% fixed for the first 3 years,then 3%,then eventually fixed to 5% for the term of the recast loan.It just depends on what programs your servicer has to offer you.I would try this option to preserve credit first.You have to be very diligent in the paperwork and it can take months and months to get it approved but I have seen it done.That would be my first step is to reduce your debt service and lighten your load.There is also talk of a TARP 2 funding from the government that is in the works that would allow a wright down for underwater borrowers on their mortgages.This is out there but has not been approved yet.After a refi you could rent it out for the lower debt service and move to area closer to your job to save on gas costs and have more time with your family.I have seen others do this and it works out well.Then wait years for the market to come back and sell.If you screen the renter properly you should be fine.In a short sale if you decided that the bank pays the commission.Just makes sure in the listing agreement the commission payout is subject to bank approval.This way if you sign for 6% and the bank only pays 4% you are not on the hook for 2%.You can just do a "deed in liue" of foreclosure and give the deed back to the bank if they accept.DIL,short sale,are not as bad as a foreclosure on the credit but you still will take a hit but a smaller one.Try that loan mod first.Good luck.No legal advice.

The big issue is with tax liens is always:A tax deed may be redeemed by the owner, directly with the purchaser, within three years(state specific period of time) from the date of issuance of the tax deed, or indefinitely if the owner has maintained possession.Each state can be unique in this and by all means do not make modifications until the redemption period has lapsed, less you get a big thank you from the owner when they exercise their redemption rights.

While the original path of buy, fix, lease and or sell and finance may be accomplished, how things are done must be modified, some cases requires drastic modification.

Maybe connect them with people that help them with loan modification first.