A tenant has no reason to provide liability coverage to the landlord and the rights given to an additional insured.  

Conventional lending requires tax returns, good FICO and reasonable DTI. 

For this reason, I often recommend setting up separate LLCs for Illinois investments.

City water with one main at the street and how will they bill. 

I think the main issue here, is not working with a trusted broker. 1 bad review will ruin a small broker shop's reputation.

Without knowing all of your specifics, I'd say that it's only worth holding on to if you can reasonably expect to have some really good appreciation in the near future (like 5 yrs)....Or, in the case where it would run well as a vacation rental, you could switch the usage, maybe?

Hi Dave in Northern, NJ-I am sorry to hear you have a single family rental facing foreclosure.You have it in an LLC and wonder what your options may be to delay foreclosure.Lenders do not want to take properties back and have a nonperforming loan.The best time to work with your lender is as soon as possible but certainly before the sheriff's sale.After the sheriff's sale, there is a redemption period where you can still sell it and the length of time varies from state to state and may depend on if it is vacant (avoid that for a variety of reasons), if tenants have a lease and have rights, or if someone is occupying the property.Working with the lender may not be easy but do not give up.Also, reach out to investors, who buy properties in foreclosure or pre-foreclosure, and see if they would be interested in curing the default and buying the property.To Your Success!

It would seem having a set of plans would be very important for many reasons, like emergency plumbing or electrical, etc."

Yes, you’re legally obligated to make reasonable efforts to re-rent the property due to the duty to mitigate damages.

Drop your choice in the comments and share your reasoning!