It takes a lot of sweat to keep some money in your pocket, a lot of experience typically only gained through pain to know what to look for, and a large pile of reserves that you're sitting on, not making $$$ with.

Sitting there with that much equity and an 11% loan the whole time sure made my private-money lender happy, but I should have gotten out sooner.

Revenge is for suckers, its not worth the aggravation. 15 years ago I had 15 rental properties and life was going well, we were making a small amount of money and then the "Cash for Keys" program kicked in and my "partners" who were doctors decided to sit on their hands and not fund the business in the shortfalls, the wife was only selling 2-3 million a year and I was making enough to cover our own household.

I have some cash sitting and I don't like money that isn't working.

@Christian Manhard hit the nail on the head, present a few options (just make sure they all work for you) when you sit down with the seller make sure you explain the benefits of each from their perspective as well as yours. 

You can't sit around and worry about hypotheticals; instead, rent to tenants with good income, good credit and a clean criminal record. 

Originally posted by @Paul S.:It's

The property sits in a C class neighborhood and has been distressed for years.

This is how they rope you in and then sit back and do nothing because if you get a deal elsewhere you still have to pay them a commission.

Some servicers will say they never received a tax bill so the money sits in escrow while the property is paying delinquent fees.2.