The short answer to your question is: 1) You will engage with a new Administrator/Recordkeeper who can perform what is called a "Plan Takeover."

It under performed, but it was my first flip.

All things being equal on the asset side, the operation and systems put in place will make or break the performance of the investment but at this point that has almost nothing to do with real estate. 

I dealt with evictions, unexpected repairs, and the ups and downs of tenant relationships—but I also made huge strides in improving the property’s value and financial performance.

It could very well be its all lost but seems like a big jump to conclusions by investors that basically did very high interest rate investing and expected  CD like performance..

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

For example, Clearwater FL (famous beach and Phillies Spring Training) does have a 30 day minimum on rentals, making it essentially impossible to have an investment perform well. 

My cabins (1 to 5 bedrooms, all with views, and all except the 1 bedroom is further from town) are still performing well and most are on track to meet or exceed 2023 returns.The days of buying and everything running easy with people filling your dates and throwing cash at you are over.

However the property is not performing and it’s affecting our personal lives now.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!