Also, are you going to acquire the properties by a hard money loan?

As far as how you move forward from this, if you are confident in the area and acquiring a new tenant that will treat the property better, you can view this incident as a sunk cost and move on that way.

Yes, you spent time to acquire and manage the property (unless the cash flow can also support paying for a good property manager), but you have none of your own funds invested, and you can use those funds for something else.You ARE recouping your initial funds.  

@Maura WinklerI would look into getting a portfolio loan against your US real estate to acquire that property.

It will take you nearly 3 years to breakeven on your cost to acquire the loan and see true savings from an interest rate reduction.

You can put a little as 5% down payment for conventional or 3.5% for FHA.Alternative way, is to acquire the 2nd property as an investment property with conventional, while putting 15%-25% down payment.

Discuss COC return, run a financial analysis for him and a performance chart showing the ROR after multiple properties have been acquired and cashed-out... good luck.

And can you do it without having the land under contract and/or already acquired?

Long-term, I aim to acquire multiple rental properties using the BRRR strategy to generate income and improve my community.

What held me back were the details behind understanding the financing - both short term to acquire and long term to hold.