Very large losses monthly.You are holding for appreciation therefor you must have a planed point in time to sell otherwise you are not investing you are simply parking excess cash.

@Matt Gregory - A cash out refi  at 80% LTV requires a 1 year owner occupant certification, so you can't do that if you are planing on making it a rental unit. 

We are planing on rolling all of the money right into our next property by purchasing a 2-4 unit to owner occupy using a FHA 203k loan in Chicago, IL.Thank you for all of your help!

As someone planing a second trip to Nashville in a year, the Short Term rental market seems lucrative there (lots of bachelor parties, weekend trips, etc).

@Greg H. that's what planes, Airbnb and passive income are for.

It doesn't sound like you'd have to hold the property for a long time and if you're doing a cash-deal there's no mortgage to pay but it still doesn't sound like there's a ton of spread here.And you can take on that a few round-trip plane tickets, hotel stays, etc. for you since you're doing this deal and living in Wisconsin!

I have 60 days... to go back to at list 750 FICOThe moral of the story- DON’T APPLY FOR MORE CREDIT while you processing a loan or planing to in the short term!

It depends on the bank @Yash Bajpai , probably a local bank which is all over the state will be better then very small/ family owned bank type. this are much stricter and often just want to work with Local state residents with some track record. you could contact a local mortgage broker that could shop for you.And, if you are planing to buy in this state it is wise to open a checking or saving bank account with one of the local banks.

They flew planes into them. 

Thirdly, if you haven’t already, I think it’s time to hop on a plane to get this resolved.When the eviction is complete I’d recommend selling.