If they let it go to foreclosure, As a sold out junior, lender has full rights to pursue the borrower for the entire balance so, it's best that each lienholder be reasonable but in no way does one have the upper hand over the other.

It's not turning a profit yet, but in the meantime here's a bunch of business, travel and equipment expenses we would like to write off")2) Did I completely drop the ball not putting this thing in a self-directed IRA?

If he doesn't, you can tell him you will agree not to pursue him for damages if he gives you the ok to throw everything away.

, maintenance (beyond what the HOA covers), and property management (if you ever decide to no longer self manage) - you may be losing more money than it initially appears.HOWEVER, the Beverly area is on fire right now, it is completely possible that property values will continue to climb quickly, and you could exit your condo in ~5yrs and make a nice profit (keep in mind you'll have paid closing costs once as a buyer, and once as a seller at this point, which will really eat into the profits if, say, you bought at $250k and sold for $300k - not a straight $50k profit, plus you had negative cashflow over the years too).So...

It is a rental and profitable so he sees no urgency to sell. 

I mean what they will want to do is take the money they pay you to transfer the contract to purchase over the them, add that to the repair costs and still be at least maybe 30% below market of ARV so they can make a profit after they sell the property to a permanent buyer.

The thing is I'm pursuing a career in a field that makes money but won't make me happy.

I charge the buyer let's say a 5k down payment to get in the house plus I profit off the difference in mortgage/rent rate right.

The profits or cashflow arent as great but you can find them.

I would really appreciate some help in analyzing this deal so that I can make a better informed decision on whether to pursue this property or not.