A straightforward way to estimate value is by looking at the price per square foot and using that to calculate your property's worth.In situations like this, it's worth spending a couple of hours yourself to get a solid understanding of the market.

Its a very poor situation for the original owner to be on the mortgage for years and years without the benefits of ownership and the control.  

In a Hard money / lender situation, you are gonna be putting $50k into that deal, they lend you $200k and charge you 12% and 2 points.

I’d love to hear your thoughts, advice, or any experiences you’ve had with similar situations.

First - Have a discussion if the rental loss will immediately help your tax situation. 

I know and am prepared to do all the overhead work necessary to find a property that will qualify, but I just want to know if it is possible in my situation.

Depending on the situation, a taxpayer could offset some of the passive losses with active income.

As a community I think we should focus on helping people who have had their housing situation negatively impacted recover as quickly as possible.

For example, I met an agent who is managing an Airbnb with a similar situation.

I'm looking for advice on a situation with an investment property my business partner and I purchased in June 2024 under our joint LLC in Springfield, OR.