Though I wasn't thinking it was absolutely necessary to stabilize the property with a tenant (though, obviously that's the point to stop the bleeding).

I'm cautiously optimistic the gentrification of Federal Hill will bleed down but that's probably still 10 years away, if at all.  

A tenant with nothing vs a landlord with millions in real estate in Seattle Washington...a Jury will bleed their heart out for the poor uneducated tenant with a dangerous dog that attacked me, the rich, evil capitalist....

I get your concern that equity is being stripped by accrued interest and fees on the 1st but you can only stop the bleeding by foreclosing and trying to sell.

Tenant organizations teach tenants how to "bleed the landlord dry" techniques.

If it isn't finished & rented you're bleeding cash while the contractor dawdles & works on someone else's job.

I really dislike particle board especially the sink base cabinet.One leak and they swell up, crumble and it's irreversible.Tenants always put too much stuff into their sink cabinet.  200 bottles of hand detergent, DW detergent, cleaners, bleach, comet, rolls of kitchen napkins, candles, extra kettles, and 500 supermaket plastic bags filling every air void existing in there meaning any minor leak will not be noticed by them until it's pooling on the floor.

For all I know you love surfing and this would cut into your time to catch those morning swells ;-)

My parents never taught me how to do this -- they had no clue and lived and died on the bleeding edge of broke. 

I have learned this the hard way myself, the sooner you stop the bleeding the better off you will be.