This is basically an unsecured personal loan, like a credit card.

Refinancing it with a renter inside will get you more money back than what you put in, and you can keep doing this over and over.So, the verdict is: if you buy it right and rehab it right, the general rule should always be to keep it (for now).That’s my personal opinion.

But there's more to it than real estate confidence.If you don't feel good about yourself as a person, as a human, you won't be at your best as a real estate investor.

The person told us they were supposed to start a job in town on that Monday and never came back. 

Personally its an overkill so I would go to whoever told you to do this.

In that case the rental contract spells out specifically the obligations of both parties.What I personally do with all my rentals is that I regard the rental agreement as a contract that both parties are obligated to fulfill.  

You will never pay more tax in recapture than what you originally deferred, assuming your personal tax rate stays the same.

I regret it now and wish I would have kept them in my personal name.

The benefit of the LLC is that it can help you avoid losses spilling over from one property to another or your personal finances.

I personally would never borrow money from a bank or private investor if there was any chance of losing it.