Password Sheet - I create a password sheet for each entityApartments.com - For rent collectionZDeposit - To escrow security deposits.

Any other possitive factors  - stable tenant base  - alarm systems  - regular checks on the property  - no pets  - Lead safe certification  - newer roof, plumbing, electric, etc..Anything to balance off the lossesBe prepared that it may end up in a non-standard (surplus lines) market for a couple of years.If you did not have flood coverage before, see if they will continue the current policy if you get Flood coverage and increase the property coverage deductible. 

Since my first post, I have been able to secure another listing to co-host which is a 3bed 2 bath and I am curious to see what your thoughts are. 

@Daniel Grimsley sounds like you have a Class C tenant.They are probably planning on saving the rent they owe you to use to move and pay first month's rent + security deposit on a new home.Why didn't you start the eviction process when they didn't pay May rent?

The seller may place the 20% in escrow, secured via a promissory note, and then record the second mortgage later.

Purchase price: $310,000 Cash invested: $350,000 This was a full rehab 6 unit multifamily building.Our firm did everything from locating and acquiring the project, to managing construction, and then finished up by leasing out all 6 units for a premium rent.We used a construction loan to secure the property and do the rehab. 12 month term which we were able to do construction and lease out all units before taking out the original loan with a permanent commercial loan.

Many of us in Illinois hear quite a bit about how easily you can get sued as a landlord related to security deposit handling, thus many shifting to a non-refundable move in fee instead. 

@Diego A.When people say "syndication" in context of real estate, they really mean filing the necessary paperwork with the SEC to sell securities.

So...even when not utilized, securing a vacation rental permit, while still an option, is an excellent and worthwhile struggle and investment. 

A higher credit score will help you secure the necessary financing for future investments.