And the plot thickens....I would imagine there is "in the event of default" language in the collateral assignment agreement that states what the lender can do to recoup their funds. 

I can imagine a juicy well taken care of property would not be up for grabs from another landlord.

Imagine my surprise as I walk up to this structure, thank god I was "awake" enough to be able to notice this beautiful piece of Architecture:The enigma that was Roark hopped out at me in real life in the form of his temple, in reality it was designed by Frank Lloyd Wright.

i can't even imagine that how stressful is that . 

As all of you can imagine, the questions that are running through my mind are never ending. 

Just imagine you'd scale this..

I was holding approximately 20 of their properties at that time, so you can imagine that unexpectedly paying out 20 interest payments every month was impossible.   

Where they "see" value is what makes them interested in the home which is how they imagine it will be for them to live in.

Let someone else buy the fringe areas and improve them first.To be direct, I can't imagine an appraiser using 5-year-old comps.

The quote I got from a local attorney was over double what you've provided and I couldn't imagine trying to pass that entire cost onto the borrower.