We had an annual operating budget of over $300k and our water bill each year was more than $30k but we spend all our time worrying about the small stuff. ...That falls under "painting the shed":http://en.wikipedia.org/w/index.php?

Joel Owens - Thanks so much for your thoughtful reply -- really sheds a lot of light on the situation!

Once I close, this is my plan, in rapid succession.Water bill is $300-$350/month to landlord, and checking with water utility indicated it should be closer to $150/month.1) Bring out Water Company Rep to ensure main water feeed not leaking.2) Close Laundry Room - Basically a shed in backyard with space heater, 3 free washers & 3 free dryers.

Traditional banks will look at credit but most commercial financing and other investments is project or LTV based.I know many investors shedding properties as they have plenty of cash and don't want the headache of pumping negative money into and underwater property.

Tim I agree with your advice on focusing on my best performers and shedding the rest.Thanks Again.Peter

That sheds better light on your situation.

Could you please shed some light on this?

Oh, dear - that looks like my shed, except I've got dishwashers & light fixtures!

Don't let them rack up any debt with you and beware of the worse case scenario.Here is an opinion from a law firm in PA, but not specific to PA, that may shed some light for you.

I can shed some light on this.I list REO for OneWest Bank who basically used to be Indymac.