Consequently, the lender cancels $75,000 of the landlord's debt.In light of this situation, the IRS Chief Counsel provides guidance indicating that the foreclosure constitutes a taxable disposition of a significant portion of the landlord's interest in the property.

You can stay in one for one night. 3- Get a great contractor to size it up on condition and repairs needed.4- A Great Mentor on the above is well worth there cost. 

Allowing you to keep the other portion for any repairs that may come up or emergency, use it as another down payment. 

The property I bought is about 7,200 sqft in a gated subdivision near a lake/boat slip with many other plots of land nearby that are around the same size.

Many of them also charge fees to the tenant that you don't receive effectively taking an additional portion of what you could be charging in rent. 

I built my team of sub-contractors and now I focus primarily on mid-sized multi-family.

Garden city has a very small population size, the location would be classified as rural and this is essentially a non starter for most hard money lenders.

All these fees needs to be arm's length rate of course and need to be documented.The interest rate is one portion of your deal.

He and his wife currently run a medium-sized business that makes a fair amount.

@Steven Schafer don't fall for those tenant negative stories about PMCs.A significant portion of these tenants are really complaining about being held accountable to the terms of their lease!