Taking the loss now is preferable to paying out monthly for the privilege of being a landlord.

Learn the eviction procedure for your area, perhaps contact a lawyer in the field to help you with this one, and get the fraudster you're currently housing out on the sidewalk to sleep in a cardboard box where they belong.You're going to lose plenty of money here, but this will never happen to you again, and you can minimize your losses if you move as quickly as possible.

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

(BTW - The NET loss was about 700 people per day.)Newsweek - More Americans left California between 2023 and 2024 than any other state across the country, according to new data released by the Census Bureau.The Golden State lost a total of 239,575 residents to other states, the largest net domestic migration loss in the country over the past year.

I believe it tends to give me a slightly lower return, because the sponsor is going to be more careful, and if there is a severe downturn will prevent me from taking catastrophic losses.

Finding the correct contact info is hard enough, but if your pitch is that they should sell cheap now, you're misreading the market.Multifamily properties are worth significantly less now than they were just a few years ago, and asking for a further discount due to property condition would probably result in a loss, maybe not even pay off the debt.

Repairing to sell might recoup some costs, but given the market and your limited funds, selling “as-is” is likely the best option to minimize further losses.

These days too many people have too little coverage in case of a rebuild so you do want to make sure you understand the true cost of a total loss.

Lending and insurance are based on predictability and without question the frequency and size of losses will continue to eclipse prior records.

Trying to cut my losses as the borrower got all her unsecured debts discharged through Chapter 7.