A good CPA would have suggested this from the time of purchase, so you could have been sitting on carry-forward passive losses today.My only true advice is to get a CPA.

So my $700 loss by selling would have a $1,150 monthly cash flow increase.Sorry for going on and on but my process is pretty streamlined so even a PM would be happy as tenants are pretty trained but I'm sure they could add even more value.

I would make sure that if you are going to do do the actual cash value you are covered in a total loss event.

Worst case is loss of time not money.

If either myself or my tenant take a  financial hit/job loss that mortgage payment would not be able to be paid on time until my tenant AND I are both working.  

So all your contracts are good for pursuing lawsuits and collections later, but a huge headache and expense now, with essentially no recourse to actually recover your losses and judgement. 

You have to understand that these people that are going through probate are going through a tough time so when sending letters to them you have to be very fragile. 90% of the content of the letters that our company sends to probate leads are fully acknowledging the loss of their loved ones and expressing condolences.

Cut your losses and move on.

It's everything that comes after that especially with foreclosures, or worse, short sales: wading through seller specific documentation and the often times tedious website offer submission process, closings delayed due to title issues, repeated trips to the property for inspections, appraisals (if applicable...) etc and all the correspondence that goes along with that.I have left showings before actually glad the buyer had no interest in the property so I could cut my losses at that one showing and move on.  

It should be large enough to hurt if they walk away from it and it should cover a significant portion of your loss for holding it off the market.3.