In addition, all closing and processing for our property is being done offshore making it difficult communicating with title company.

Yeah if your condo is negative cash flow you're spending money to service your obligation while your equity is being taken hostage with only tax advantage paper loss, equity gain/loss = gamble, neg cash flow, and perhaps a bit of loan amortization each month the mtg payment is made.freeing up that equity my be a better bet, agreed.

Offshoring all of our work will quickly take care of that too Vikram.

If they don't leave, well, it was worth the free gamble and the status quo remains the same.

There is a ton of risk in taking a property like this on, and very little in the way of cashflow to pocket while the appreciation is gambled on.  

In this regard it's more about how much of a gamble to do you want to take on the appreciation play.

It's a much higher gamble here.

Looks like a gamble to me.  

I'm not an expert on Michigan but I'd bet you can still benefit from undervalued areas as a result while staying out of a Detrot gamble. 

She detailed how much she would pay on which dates and had a written plan to be current.Since she had been such a great tenant, I decided to gamble.