In total, including money lost from rent, legal fees, and repairs, the situation cost almost $30k.

Hi @Jinxiang XuFoundation repair is common but no pipeline replacement, it depends on the age of the property, but in your situation it could be due to the foundation work done.Service prices are in all ranges.

Always good to chat with a CPA or attorney to see what fits your situation!

They aren't going to magically improve and start abiding by the lease terms but I think there is definitely a possibility that the situation gets worse.I think that's a good point.

In a situation like that, if the market is right and the research is right, you're earning essentially everything you would in just owning the property outright, other than the fact that you won't get the tax benefits (but your LLC will). 

Financing might be a challenge.I would recommend consulting with a attorney, loan officer, and CPA to discuss your specific situation and determine the best course of action. 

I would think you should approach some local banks and see how they will handle your situation.

But, that is not always the right answer and you should speak with someone familiar with your personal situation to get advice specific to you.Don't forget about getting your estate plan in place and ironed out as well. 

But, nobody knows because we have never come across a situation like Detroit, .

I’m happy to help in any situation.