"More money lost in speculation of crash then real crash itself..."

Hey BP, I bid on my first property on an auction site and lost.

I bought my first duplex circa 2008 and lost my butt overnight.

Every month we don't own the place is lost income potential, and the chance for the owner to slack on maintenance.

I am more than a little lost, so I am hoping some of the kind people here can throw some advise my way.

If it's been vacant for a year or more, then technically you've lost the grandfathering and it can now only be used as a sfr. 

Its true and sadly not followed by most - to be truthful and honest and not bite the hand that feeds as so much future business is lost due to one bad transaction !!

not an ethical situation... people chase probates all the time and are dealing with family members who just lost loved ones.life happens.Many times in a majority of the rental markets in our country... once you have a burn out and you get a check from insurance.. it simply does not pay to rebuild.. cost too much... so much of our buy and hold areas in the US.. the underlying value of the dirt is zero to negative. 

Good luck with eviction and collecting several months of lost rent from a bankrupt renter.As long as there is no online payment method that is equivalent to cash or checks, where disputes over past payments are argued according to rental law and courts of law rather than payment reversals at will, I am struggling to use online payment services for rent collection.I would be happy to hear of any online payment method that is safe for landlords.

I dont want to publicly shame the individuals....but after doing the math using the numbers they used on the TV show for purchases, sales and renovation costs, and estimating the carrying costs using typical hard money rates for the market where the property was....Im estimating the flip lost $13,000.