I'm kind of wondering if paying the capital gains tax might be worth it in this situation.

Thanks for the kind words Robb!

What kind of loan would this be if I could do that?

Well, though, is it occupied and what kind of income is or could it be generating?

If I can not get access to the property, I will assume anything built before 1982 will contain asbestos/lead in common materials (based on my experience there's a 90% chance this is the case).I believe Texas requires any "contractor" performing ASB abatement to have a license, which means Texas has some regulations established regarding removal & disposal.In California, if you are the property owner you can perform the removal/abatement yourself (assuming SFR), the only requirement is that the asbestos waste be bagged up & taken to a designated facility (in my case in Santa Barbara there is a facility at UCSB where homeowners can take the waste at no/minimal charge). 

Not sure if it's allowed, but out of curiosity, what kind of (annualized) returns did your gap financier get?

I think what you are looking for is someone trained in the ways of real estate investing - an agent that will:Introduce you to FSBO's - Expired Listings and other real estate opportunitiesWill be your fiduciary representativeWill make offers for you on suitable real estateWho understands creative financing; delayed settlement, seller assisted financing, assignment, wholesaling, REO, tenant selection, soft money mortgages, tax salesWho will be responsive to your financial goals and a person of integrity and trustHelp with direct mail and street marketing to locate transactionsHousing and rent court marketingAbsolute aware of financial and contract clauses as well as contract engineeringCan assist in - delayed settlement - automatic extension, performance mortgages, subordination, principal mortgages, options and joint venturesAware of bidding on REO, forclosures, tax sales and public auctionsUp to speed on commercial real estate, lots and land as well as businesses with real estateHow should you treat this wonderful person (if you can find one) -They should have a commitment from in the form of a Fiduciary Buyers Brokers AgreementYour agreement to pay them a commission on any non-listed deals they bring youA bonus agreement for great deals that you closeA gas budget - or a cash payment for gas Kind words and respectTo be sincere and active with the agentRespect from youFirst class training on how to represent youSometimes an equity interest in the great deals the agent has initiatedListings when you are ready to sellYour cooperation - all your financials, tax returns and other information that will help your agent close dealsA few free lunches ----Good luck --- Charles

I have one rental in Louisiana and when we got flooded... the rental lease is not in effect anymore as the house is not live able.... it's a pain if u don't have insurance.... if ur renters are good for it.... at least ask them to take out their stuff in the curb... a lot of renters just here just left.... and landlords has to do all the hauling away of their thrash too...On the gentle note.... pls be cautious when talking with renters... pls be kind and understandable that they too lost a lot of their possessions aside from the fact that they might not have a house to rent as housing demand will be very high....

Just accept that it's going to happen, but it's not the end of the road for you (unless you're the giving-up kind).

I mean, is there some kind of investing or buying/selling process that civilians can do or benefit from that an agent couldn't?