. $5000 2BR rentals will drop significantly in rent, but your work horse $3000 rentals, eh, they will be much more stable. 

is this a gift horse or a disaster waiting to happen?

I would say my dad can retire but he loves to work, he is a work horse, and I will more than likely be the same way as I get older and older.

I highly suggest attending a class to get your questions answered from the horses mouth.By the way, all tax lien sales should be delivered with free and clear titles. 

If I'm beating a dead horse by bringing up a question that's been asked a million times, I apologize. 

hi william. sorry to hear of your bad luck here. but, there is always one good word of advice. never give up. yes, your property is underwater right now. if you can afford to keep making payments on both loans, please do so. sure, on the one loan, you are basically " paying on a dead horse". there really is nothing you can do about that. over time, with making sure payments are being made on both loans, you will overcome your bad credit rating simply by making the payments. in that time, should the market on your home increase, you may overcome the negative equity also. only time can help you right now. in the meantime, look for other house deals that you can make. maybe they will not be the level of what you were dealing with in the past, but as long as you are making money, thats the goal. keep moving forward. hurdles in life are put there to teach us a lesson. learn all that you can. 

You’re putting the cart before the horse by trying to solve a problem you don’t have. 

Lets not beat a dead horse here.Lets discuss how these chats can be improved for the future to eliminate any problems that you and/or others faced, instead of fighting about why this one didn't work.Thanks.

No time to horse around you need to execute a perfect plan to make this work.  

You also need to do an inspection - I had a couple of board horses on my farm and they destroyed my stalls (ate the boards and tore up fences).