What do you think you could rent this for?

I am not sure what I am missing, but in no way would I have done this IF I am understanding your numbers correctly.Sorry, did I read in this thread you need to reno 5 of them on top of the 1.5 mill, again please tell me what I am missing. 

This is a great relief. 

This will clarify and reinforce what you are reading.

I personally don't know of their group but figured id link that article since i remember reading it and the name clicked. 

Document all your efforts, including repair invoices and communications, to show you’re acting in good faith as a landlord.

No way is this a scheme to keep EM for the seller..Anytime I have had EMD disputes it usually gets solved with a 50 50 split since I know what will happen.. what happens is exactly as you describe.. money is to small to realistically hire an attorney to collect..

This is where expert mortgage brokers come in, acting as your guide through the maze of real estate financing.

To Play Devils Advocate I submit: I suspect you just never read the entire document and all the small print that gives the sponsor these unilateral rights..

If you have this debt and need money, you may not be preparing yourself for the challenges of being a landlord.