I wouldn't ruin my credit for 250 bucks a month.I highly doubt it would take 10 years to reach a payoff you could handle.A residential recovery and workout of toxic loans is at max about 3 years away on a national level with some areas performing and recovering much faster.Why not go to the bank and say rents have gone down and I am struggling.Ask for them to renew the next time at 3 or 4% interest.That will make the gap smaller and go up in rent just a little but not much.Yes insolvency will wipe out any 1099 phantom gain as long as your liabilities exceed your assets.Most local banks all have you sign a personal guarantee.They consider it YOUR WORD as a vice president has told me that you will honor your contract (one of my clients short selling an apartment).The bank said at that time they DID NOT want to short sale and favored instead writing the interest rate down and extending the loan another year at a frozen rate and see what happens.Banks do not want to DUMP everything like people believe.They only cut out properties they see as having no chance of a recovery in the future or a liability if the took back (war zone,environmental issues).In that case they will usually sell the note if it has environmental issues or they don't want to foreclose.I would try the options I have above instead of ruining credit.

Sounds like to me they never had the cash or threw the cash out to get you to accept a low offer and then switch it to financing.With cash you want to leverage a low price to justify using a big chunk of your cash.Years ago investors would do this junk.They would send an all cash offer to get the bank to accept a lower price and then switch it to financing later.Banks caught onto this little plan and many now have addendums that specify the bank has the authority to cancel the contract if terms are changed.Big difference between paying cash and FHA or a VA loan.FHA they are only putting 3.5% down and VA will have condition issues tied to it.I do not know what contract you are using so I can't comment on what you can do legally.If you don't have representation have an attorney for a 100 bucks or so look over the contract and ask questions.no legal adviceThe first attorney visit is a consultation.If you want to keep meeting them over and over negotiate a set price to help you with the contract.

I run a very successfull and profitable business and I have zero desire to throw it down the drain so some investor can play middleman in my deal and make a couple bucks.#2 - Why bother?

Everyone seems to be looking for a way to make a fast buck and strike it rich instead of developing a long-term, sustainable plan.

I find what is available varies by company.I called around for my homeowners insurance and State Farm said it wasn't worth their time unless they did Auto and all this other crap I didn't need.My wife's deceased step father is buried in Arlington so we get USAA.I was just calling around for rates.Our car is paid for so for liability we pay 22 bucks a month for insurance.The other insurance agents couldn't believe the rate was so low.It's an older car but I am cheap!

In my first SDIRA investment several months ago, I ran into several "problems" (or details may be a better word) that I guess are just part of my SDIRA investment "maturity".

If they can rent it quickly, maybe with one single trip for $800, the difference to them is 10 bucks.

Is it worth the risk to save a few bucks?

bienes, the owner is the easiest target..it doens't matter if you invest from out of state and think everything is running smoothly...if you lose, you can then turn around and sue the property management..i bought a building from out of state owners who were being sued by tenants due to corrupt and lazy propert managers...i took a risk by taking the previous owners place in the lawsuit (even though i hadn't even owned the building when things went south), but i believed the deal was good enough that i was willing to stand in for them and take this risk...we were being sued for 20k, and the tenant ended up winning a few hundred bucks if i remember correctly...at any rate, my attorney told me i could turn aruond and sue the property managemtn, but i decided it wasn't worth 1,000 bucks in attorney's fees to sue the management for a couple hundred dollars, even though it was their fault...you see, even though there was a property manager, AND i didn't even own the building when this happened, it's easiest to go after the owner of the property and put a lien on that property..

Belton should be a good area, lots of lower-mid range priced, mature areas close enough to KC, not to mention the military influence of the area.