I see that area recovering from what looked to be some rough times economically which is great to get in during the recovery process.

Is it something along the lines of: "Sometimes it takes years from the time of a foreclosure filing to remove an occupant, sell, and recover funds.

just symptomatic of a recovered market.. what you perceive a deal to be based on 5 to 7 years ago is just not what the market is willing to pay today..over the years we change our strategy every 5 to 7 years as well to go along with market cycles.right now there is more money in short term lending than most anything else if you have sufficient cash. 

The jobs numbers have recovered from casino closing and now many more jobs are coming online. 

What’s the process to recover it?

Do what you can to recover it, but get a new guy on the job...

You never can be 100% (or even close) when it comes to trying to guess the market.Andrew in my area RE has not recovered yet to 2007 prices ...I would hope we get to that level and pass it a little before we drop again.

On our proforma, we projected a 15% vacancy and recover to 10% in Year 2 onwards.

Bullets are a little harder to recover from.

An investor that had bought at the top of the market pre 2008 crash in Indianapolis or Kansas City would have recovered any loss in value in 5 years and today would own the property free and clear and have their equity and great cash flow for their retirement.