I would examine other options than sucking up the $1,100 payment per month and/or selling it at a loss.

I'm still trying to land my first deal, I think the nerves hold me back, I'm 22 at the moment and just wanna get my feet wet already.

Being an Electrician, you don't always need late night emergency handyman, just someone for the tenent to talk to with there concerns to settle there nerves

You'll also be more savvy and know what kind of hassles certain situations are to deal with and reconsider what your time is worth to take those problems on.My point is to pat yourself in the back for what you've done right and encourage you to re-examine those actions that you would take and resources that you might employ sooner or differently. 

Once you have a commitment, you may have to pay for an appraisal if that company uses appraisals, or you may have to pay direct to the attorney or title company for the title examination, but no fee should be paid to the lender upfront.And the reasons for using hard money instead of conventional are many, but are specific to the deal:Not enough time to close conventionalLoan too small for conventional (your deal is too small for conventional)Property condition won't qualify for conventionalEtc, etcIf you can get conventional, don't use hard money, unless you are so red-tape averse that it's worth it to you to not deal with banks.

Now the bank may have marked the asset to a certain market price and that troubled asset report has been reviewed by FDIC examiners, but that does not give the FDIC any power to direct.

This is a great place to calm your nerves.

(And please excuse the novel below ;))I'm going to take my CA Salesperson exam in a few weeks and my partner of 6 yrs (romantic, not investment!)

But you are a young guy and if you have nerves of steel you will weather the storm and hope it comes back.

Even when you find them, they are not going to produce the 18-20+% CoC returns you read about south of the 48th.We continue to look at opportunities ... last year we examined around 100 properties (mostly multi-unit) and bought two.