I am the worst finish carpenter around, I'm sure!

The worst part of this more than 3 month ordeal was the complete stripping away of my financtial life by the bank.

Then you serve notice on the worst inherited tenant and clean that place up and pick your own tenant.Not all inherited tenants are bad.

When in doubt, assume the worst for each month.After you have done all this, you have figured out how much the property is worth to you.

Worst case, if there is something major I'm concerned about (structural issue, water-proofing issue, survey concerns, etc), I'll ask for 3 days max for inspections

Often good tenants start lying after they give notice that they are moving.It's too bad to have to assume the worst of the people you do business with, but it's just part of the job of being a landlord.

What is the worst that can happen?

Of course, I'm not eluding to that you will get it for 50% FMV but the absolute worst thing you would ever want to happen to you is have your first offer accepted!!!!!

In the worst case, if I don't get rid of it, I'll let it go into tax foreclosure and let the County auction it off.

As far as the burn property is concerned, it brought to mind a thought of something that I read recently about the worst property in a nice neighborhood being the easiest to pick up (cheaply).