Since I only depreciated part of the total repair cost ($5500+$3000=$8500) from 2012 to 2014 what happens to the remaining amount that I did not get a chance to utilize yet since I sold the property before I fully depreciated the improvements?  

I like to try and tie the two things together in order to make some kind of sense out of it.  

You could essentially look there then do some math to determine if a loan is still tied to the property. 

Valdosta remains pretty much untouched by the flood of guru-taught wholesalers.

He has no emotional ties to it and is looking to get the best offer.

It will depend on local laws if unpaid utilities will remain with the property.Even if the property runs through foreclosure, I wouldn't be terribly confident dealing with a bank that allowed a likely marginal borrower to have a mortgage without escrow.

I've been inspired by the most recent podcast to give a quick property update:  Current Occupancy:  98% (was 100 but 98 is probably a good consistent rate)rents are now up to 495 for a 2 bed and 595 for a 3 bedroom... water has now been passed on to almost all of the tenants and will be complete here in a few months when the last remaining leases are renewed.Turnover costs were higher than anticipated as we had approximately 40 people move out so that absorbed all of the cash flow.  

Most of my available funds are tied up in this project.The house is in a pretty bad part of town, but has gotten a lot of press that it is turning the corner....warehouses converted into artists' studios, a brewery, and pubs and more upscale restaurants are now there.  

Eventually, the investor and my family parted ways and long story short we were left to sell the house and remaining profit.

You can make more money with the same money leveraged than you can having that money tied up in equity.