And finally, of course, the last option is to just keep saving and waiting until you can afford the house you want.

I'm not telling you NOT to improve/upgrade the property, but I'd exhaust all free/cheap options to market it as-is first.

We always teach Lease Options first because they are the easiest and safest.

As previously mentioned, Cash for Keys may be an option.

I would probably keep the other house regardless of what I do because of the low interest rate.I am now wondering if I should hire a Qualified Intermediary (my realtor calls this an "Accomodater") so I have the option to buy a one level rental, stay where I am at, and if in the future I am unable to live in the two level home I am currently living in (our second home that is my primary residence), convert the rental to a primary residence.

The syndicate ran out of cash reserves and doesn’t have enough to purchase the required replacement rate cap.Foreclosure/DIL/short sale may be the best option.  

Looking at the rough numbers and we are comparing apples to apples ie: area and appreciation, I think the first is a better option because the cash on cash return from the investment cost to rent ratio.

One of the biggest STR insurance companies in this area is Fudge Insurance , and they always have had the option for my clients.  

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I'm particularly interested in areas that haven't yet experienced a real estate boom but are on the cusp of growth.Additionally, I'm looking at options for managing these properties.