Tax deed properties tend to be the most neglected properties in the worst shape, there's generally a reason they were abandoned but I'm sure you already learned that lesson.Before you go throwing more money at the problem figure out what the land itself is worth because it's possible you can just sell it as is.

You learn what the facts and circumstances concerning the property and it's owner is.

I just ran into the unfortunate circumstances of being unexpectedly laid off and the best offer was from a school in Brookline, MA, which I accepted.I bought the duplex in 2005 from the person I was renting it from since 1999, and am underwater by 30K, so when I crunched the numbers, it didn't make sense to keep it at my age (57).

Your rental agreement may have something written about keeping the public areas, decks, patios, clear of personal items and debris - and things that could cause a fire hazard, neglect, etc.Other than that, a written warning as Ned mentioned wouldn't hurt, and reiterating tenant's responsibilities as stated in the rental agreement.

Mostly, I would stick with residential...although under the right circumstances, I might consider an office or retail property (industrial areas and industrial properties carry a lot of environmental risk and probably best avoided) That is my 2 cents.

The last buyer paid $700K before he totally neglected it for 7 years.I'd plan to fund the transaction and then open up a cash-out refi on the back end to have access to some percentage (probably 70 or 80%) of the $400K.One of the ways I could do it would be by taking money out of my traditional IRA for 60 days.

Expectations or circumstances can change, putting partners at odds with each other.

I agree that it's better not to let emotions get the best of us here (although very easy to do given the circumstances).What I was planning on doing is sending a certified letter reiterating the end of the contract and suggesting a time on May 8 when we can do a walk through, which was agreed to in the original contract.

The corollary to this is, just because you narrowed down your focus area, doesn't mean you should neglect glaring opportunities outside of your focus area.

Some of the best tenants under certain circumstances will change for the worst.