It sounds like you are looking to scale and get into flips!

Estimates on the homes value are often completely wrong.  

But it sounds like your agreeing a no-contingency sale is more unrealistic here. 

You are definitely going to want to get a lawyer and as soon as possible.This will sound harsh.In your story, you have made a number of very poor decisions about how you purchased and managed this property. 

@Erica King Sounds like this is more of a personal budgeting concern rather than a real estate one.

It sounds like you are trying to buy a second property with less of a downpayment than 20 percent.

My two partners are willing to pay their share, but they’ve also offered me the option to take over the property completely since the loan is in my name.Here’s my dilemma: If I keep the property and rent it out, I could get around $2,300 in rent, but my mortgage is $3,300 at a 7% interest rate.

I believe it is completely reasonable to have a clause in your lease that places a cap on utilities with any overage (proven by a bill) being the responsibility of the resident.Our clause states that any electrical bill (we don't have gas, and water has never been a problem) that is over double the same month's bill from last year will have the overage assigned as a fee.It is important to keep your bookkeeping straight if you do assess a fee.

(It was Hollywood and everybody has dogs)2) Somebody tried selling the appliances that came with the unit which included the fridge, dishwasher, stove & microwave.3) We were recently affected by the fires and had to evacuate, some tenants refused to evacuate even after police forced them to because they were "tougher than the fire".Have you heard of those horror stories about tenants completely trashing apartments and feces all over the apartment?

The primary risks at this point would be       1) to your lender, the risk of a margin call.       2) To you; underestimating the true cost of a project and cost overruns      3) To you; legal risk of securities regulations if  So it sounds like im not missing anything on the risks, from your perspective at least.