Not nearly as catchty.Though if a workout isn't possible, foreclosing, rehabbing, renting it out and refinancing would be an obvious backup strategy.I have seen some posts on BP before about recapturing the initial investment by selling partials.

If so, how did the whole transaction work out for you?

You don't need to be a real estate professional to claim depreciation, only to claim passive losses beyond the threshold that applies to others.Even though I work out of my home, I don't claim a home office deduction, since it seems to be an audit trigger, and I don't want to expose myself to that much hassle.

I am really sick of lawmakers that have no regard for rights and leave it to the judges and lawyers to work out if it is really legal or right. 

That didn't work out.

Is there a way to work out with the tenant?

Try and get as much from them as you can and I'm sure things will work out for you!

It's an hour's commute away, but it's growing pretty steadily so it might work out for us.

The individual and I will work out all the numbers, but again, they already know what the bank is selling it for, what interest I'll have on the loan, etc.

See how the numbers work out.