There is nothing forcing you to collection at the moment.

I've had some ups and downs on underlying property value of the Austin house, but since I'm a long-term buy/hold guy, it really hasn't had any kind of impact on me. 

In the end, we put in an entirely new central A/C and forced air heating system, all new pipes, new sump pump, and a lot of new electrical.In any event, despite being way over budget, I think the rehab came out pretty nicely…The exterior:(Before)(After)This laundry room space later became the breakfast nook and part of the kitchen.

A foreclosure is the forced sale of an asset in order to liquidated the security.

Force of habit..

As @Karen Margrave mentioned, there's a ton of details related to the zoning and topography - principally whether the lot is level and graded yet or not, as well as whether there's water meter(s) and such already in place - that have big impacts on your costs and hold time.  

Not everyone takes what they do seriously, or realizes the impact they have on peoples lives.

@Michele Fischer - I'm focusing first on some of the items with overall impact like roof/siding/etc.

Either way he would profit immensely  1) if he could force a payoff of his note through refinancing he would  receive a payoff  of more than 250%  of the money he paid for the discounted note, or 2) if he acquired the property through foreclosure his profits would be several times greater.  

While I am renovating my properties I am forced to eat outside my home.