The owner had no money from the deal to cure the lien, and because we were already passed our 1031 exchange identification deadline, we asked what the payoff was and ended up paying out of the door $112k to close this deal.

No need to pay $1500 for it.

So far we have collected about $280,000 but the borrower has been unable to pay us off.  

Quote from @Levi Perl: Hi,Curious if anyone has what to say in terms of how to calculate which one is more worth it: to cash out refi on a Long term rental now at 70% LTV, and walk away with X amount of positive cash AFTER paying all debt, (X is a positive number and significant amount for me), which will allow me to potential get another long term rental and grow portfolio faster, or wait 4 months and cash out 80% LTV, giving me DOUBLE than X. 

UPDATE:Yes, we are moving forward and the numbers on the purchase price, and terms of the deal, stay relatively the same (in the big picture).We opted to pay the agent out of our pockets.

They crowdfund to purchase distressed notes and pay 12% interest annually. 

Did you pay an auction premium like Auction.com or is the number you bid the final number plus recording fees? 

the purchase price would be the stepped-up cost of the asset. with this, she would only pay tax on the interest earned, correct? 

Quote from @Kevin Rodriguez: Quote from @John Underwood: Stop paying for STR knowledge.

If y'all have any tips or tricks for a new investor, deals, opportunities or are looking for residential real estate in DFW please keep me in mind.