It would be difficult to take it to the small claims, as I do not know where they are and I am outside florida where the property is.  

But like I said, to get an electric bill close to $500 for July when we're already at the lower summer seasonal rental rates makes it really difficult to make any money at all....I guess it's better than being empty. 

  $100,000 deferred principal balance, about the same balloon payoff penalty, or $172,000 to bring it out of default to make it eligible for a refinance. 

As a guy who likes to be in control of every detail of my projects I know how difficult it is to step back and pay someone to do a job that you know you could do better yourself. 

Because of high property taxes, it is difficult to cash flow on a 1% rule rental.I don't know about other parts of Texas, but DFW is not really a cash flow market anymore unless you are in the C and D neighborhoods.

You just took one of the most difficult steps in real estate investment; the first step...reaching out to seasoned investors in BiggerPockets.Congratulations and I wish you the best of success.You are not alone in your real estate ambition.

"Maybe I should do commercial" - I would stray away from this strategy as it is much more difficult to rent out a commercial prop than SFR - multi family.

Similar to the prior posts, unless you have evidence this was specifically caused by tenant negligence it may be a difficult case for you to win.  

I would pay all that off before you buy any real estate.Let’s say your credit card interest is 16 percent and a balance of 10k.

You will also need to personally guarantee the loan at that size loan balance.