It’s a performing note and the  collateral is an SFR in a different state than where I live.

The property is fully leases all tenants are on one year leases and are performing

Any tax paying entity can perform 1031 exchanges.

A suit for specific performance is the only avenue, but that is both costly and a long road to go down.

I would door knock and talk to these owners personally but its very difficult given a large geographic location of LA.Im going after residential and commercial apartment buildings.Any tips here will be greatly appreciated, Ive worked hard making hundreds if not thousands of calls and sent out tons of letters etc,no results yet, unfortunately I dont have a sphere of influence or past customers.

I prefer to remove the odor, if possible, rather than to cover the odor.Tenant moves out, exit walk through, run ozoner for at least one over night but ideally a couple of days (depends on how fast we can get to the tenant flip), then perform the tenant flip. 

This type of asset will look great in picture and probably even a spreadsheet but won't perform well for a new OOS buyer.

It’s law in Ontario for any electrical work to have a permit applied for, even if performed by a home owner.

This type of investment could be very time consuming in the early stages, but once you have the property performing, it can be very easy to manage and maintain. 

Here are the numbers:Original Loan Amount: $ 42,700.00Loan Origination Date: 12/09/2013First Payment Due Date: 01/01/2014Last Payment Date: 9/27/2018Current Loan Balance: $ 41,802.77Current Interest Rate: 9.900%Current P&I Payment:$ 371.57Current Escrow Payment:$ 30.43Maturity Date:12/01/2043Term Remaining: 302Loan Type :CFDFMV: $87,500The WorkoutWe picked up this asset for $18,500 ( 44% of UPB)Expense Cost: $2000 (Includes, servicing, initial due diligence, forced place insurance, back taxes and misc)Contingency Fund $2,500All in Cost= $23,0008 Months of Payments = $2968Reinstatemet fee from borrower = $2000Total Income received $4968We sold this property after 1 year as a re-performer for $35,500 (Approximately 85% of UPB)$35,500 + $4968 = $40,468 Total ROI = 76%We're excited with how this one turned out and can't wait to see what we will do with our next one!