I may change my mind in the future as I move from my modest portfolio to a larger one and decide that I'd rather be wealthy, stress free, and achieving modest returns than be wealthy and operate perpetually at peak efficiency. 

Often, the lease is not in Perpetuity.

So this might not help but what you're facing will be a perpetual problem for you. 

This covers a lot of things that have been happening for awhile now, but with a lot more movement comes the ability to see the movement easier. 

I have recently just been approved for a 203k loan from Movement Mortgage.

The property has been on the market for 45 days with no movement so we wanted to see if we were off our mark.

I would talk to an attorney second.A lot of retaining walls have movement over time.  

The million owed is nothing to me, because it dosnt feel like a debt. 30 yrs from now, assuming no movement in the market whatsoever, (unrealistic I know and inflation of course) I would have 1 million dollars in equity, for something that I spent 20k to get.

New construction at least at this point is not over built like the last free fall.some areas in the country as you say have been in decline for decades with only very slow movement to the better  ( think Detroit and some rust belt areas)Other markets are on fire and given job growth and lack of buildable land a major retrench is not likely  think ( Charleston SC and Portlandia as two).in the meantime I know my teams are killing it right now.... so its like in football you have a 3 touchdown lead going into the second half you play not to lose and you end up losing..

Taking away rights of homeowners, property owners, housing providers, and landlords  A bill that would do so marks the most significant move yet in a growing movement to cap rents as California’s economy booms and housing production lags.The momentum is very much on the side of rent control.