But if I can't sell quickly, I could rent them and have multiple cash flow (because of the different income sources of the different tenants in the same unit) and wait for the market to recover and then sell the unit.Please let me know your comments and suggestions about this information.Thank you everyone!!

The question is: Is there anyway to recover from this, find financing and move forward with the purchase despite 3 months of late payments on my credit report?

The more cash you put in, the more your cost, the more you need to recover before making a profit, and the longer it takes to do so.Using your cash, instead of the tenant's rent money, to pay down your debt, means you are paying more for your property. 

We are a seasonal market and I make most of my money on my STR in the spring/summer/fall but it's not totally dead in the winter so if you weren't getting any bookings or occupancy fell below 50% you need to work to optimize your off season booking strategy.5) It sucks but if you can't meet the minimum payments and/or your credit doesn't start to recover then you may want to seriously consider selling the property to get everything paid off. 

Any renovation costs incurred before you place the property in service must be capitalized and depreciated, generally over 5, 7, 15, or 27.5 years (5, 7, and 15-year property is eligible for 100% first-year depreciation), regardless of whether or not they are actual capital improvements or simply repair and maintenance business expenses.The key point here is that costs that are capitalized and then depreciated are recovered over several years and then are subject to depreciation recapture (a 25% tax when you sell the property).

I'm in WA state and we used to do some of those but don't now that the homestead exemption increased substantially, making it difficult to recover funds if the loan stopped performing. 

He says that since its interest, we can write off that $6000/month and recover 33% of that based on our tax bracket, so we would get back $2000/month. he said we could request that our employer takes $2000/month less in taxes our of our paychecks, effectively reducing the monthly cost to $4000/month (plus taxes and insurance). we plan to owner-occupy one unit of the duplex and rent the other for at least $2500/month. 

Now, whether you may claim the full amount of depreciation depends on your status, but you can often recover a significant chunk of it.Step 4: Create an Investment GuideTo help potential investors navigate the investment process, I give a complete guide.

Reason 130k up front.. if i rent it after a year, the best case pocket 1000 a month-- almost 11 years to recover my money..Selling it down the line.. not many people may not have 130k cash to lay out for a 1br place.

If you current loan is 75k than a refi even after waiting the seasoning period will not result in you recovering a portion of your down money.