However, if the home sells for much less than assessed value good luck getting it lowered.In fact we had one triple in assessed value due to the higher sale price & subsequent 'permit' identified rehab. 

I typed up a letter saying I lived in the neighborhood and was interested in purchasing but when I went to slide it under the door they had already put up a fsbo sign that same day.

(If you were really forgiving it, then you’d just tell them not to pay that month, and not raise the rent each/every subsequent month until it was paid back.)Just a thought to help avoid confusion among your tenants. 

We use a slide scale based upon number of doors between 5-8% of collected rents.

Paying more likely means that a subsequent buyer would have to bring more than $10K additional to the closing. 

But for now I got myself into the situation so I’m trying to make the best of it.A 47” closet opening is set up perfectly for 2-24” sliding doors.

@Ashwin M.Assuming it’s a living trustWith our home it was acquired and mortgage in our name and subsequently we transferred it to the trustWe let the lender know this was our intention and title company and neither had an issue with it as long as deed holders were the trustees of the trustHope that helpsNote not legal advice just sharing our story

Also, since the tax benefits carry over, it offers investors passive losses they can use against qualified passive income in subsequent years. 

I recognize that I'm sliding in under the wire here, but give me a little grace because I just found BP.

However, the judge will also consider how you let it slide in the past.