Summary: 7 loans outstanding: 4 in foreclosure, 1 in default - trying to develop a plan before I begin foreclosing, 1 current, but has needed multiple payoff extensions, 1 current with no issues.

The planning process can take a very long time!

You’d need a clear exit plan and enforceable lease terms to protect your investment.Think about the following:Tenant Risk – Can they truly recover financially, or will you face another eviction situation?

Some other factors to consider - How long are you planning to hold this property?

Still delays or below plan progress.

This is something I try to live by and teach my kids if I can - "A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly.

Also is there a plan to replace the HML after a particular point?

She’s currently not paying rent, and while she has some health issues and no stable income, she’s been communicative and open to general talks, with a possible option to vacate through a cash-for-keys arrangement, though this might take around six weeks and some hard work.I plan to rehab the property and eventually rent it out, potentially to a Section 8 tenant.

Please feel free to reach out to me and my team if you would like to come up with a game plan and build your buy box. 

I was told by another investor that I will run into a seasoning problem, but i don't see how if i don't plan on refinancing.