@Florian N.At an upset sale, what @Ben Corby buys is the fee simple interest in the property subject to any existing liens including Ocwen's mortgage.

. $10k in debt does not seem like it is worth filing bankruptcy as you also will have the filing fees to file bk and if you use an attorney it could be another $5k, To me if you can save $10,000 a year then start saving and pay off that debt, as filing bk will hurt your credit wehere paying off these debts will improve your credit.

According to your numbers, I would say to keep it as a STR but as a few others have said, look at different vacancy rates as well management fees.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

It gives the Tenant 5 days to pay the rent and late fees, or Vacate the premises.

As noted above, up to 50% of gross rental income normally gets eaten up by expenses (taxes, management fees, utilities, landscaping, repairs, capex, etc).

I usually run several CMAs, with different criterial, and of course compare tax appraisal value with a wholesale price, add 5% as a fee to a transaction, in some cases.

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

. - 30 year fixed terms - Usually have a Prepayment Penalty from 1-5 years, although you can price out a 0 PPP for a higher rate or fee- Minimum Credit score is 650 usually, although you could do a lower LTV loan at 620. 

Often times, there's houses or land worth $500k listed with an opening bid of $30k which is a fantastic deal; however, if you were to win the auction, there may be multiple liens and $100s of thousands of hidden fees that you have to pay at once (based on what I read online).