States often have their own rules and regulations regarding tax filing requirements.Even if you have a loss, you may still need to report the financial activity from your rental property to the state for tax purposes.

The former borrower tried to do the right thing to resolve past financial issues. 

I know you're not an accountant or financial adviser but you are someone who I am taking advice from directly. 

If you sold the property and listed it individually on the schedule E (or grouped it but sold everything in the group) then the whole loss should be recognizable at the disposition of property. 

By law, licensed individuals are required to present all offers to purchase, regardless of who they come from or how unrealistic they might be. 

I am not a mortgage broker, but my limited knowledge is you can (if you financially qualify) and the property has different second home features it is possible. 

You may have other non-financial costs associated with this type of property that compensate for the greater cash flow (e.g. additional risk, needy tenants, tenants whose priorities do not leave room for taking care of your property, etc.). 

This has resulted in an unexpected financial burden of $7500.In light of these circumstances, I am seeking advice from you all on the legal options available to me.

Where I got a ton of value was from the individual 30-60 minutes "meetings" in the hotel coffee shop, lobby, or bar with other participants.

I am a financial advisor that specializes in working with business owners and real estate investors.