And you have the ability to bring it back on the market and represent the sale. 

The garage/ADU combo was added on as an attached structure in 2014 and I figured why not sneak in a 3rd unit!?

Hope this helps to try to figure out what options you would choose to proceed. 

I was issued a 1098 by title upon sale, and I understand that I have to declare this in my taxes, but I’m not sure how to go about it given that this wasn’t my home.

The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money.

As responsible Real Estate Investors,  we want to educate them on their options:  Mortgage relief programs, loan modifications, forbearance, short sale, etc. 

A project will have a life cycle that spans close (purchase of distressed) to close (sale or refi at new value). 

Front unit i think market price is around 1600-1700, but i am planning for 1500-1550 to gain advantage on rentingit's a popular rental area in trending neighborhood, so it has a lot rental on the market and a lot investorfirst regret is i think my offer was too high, i offered asking price at 224k which with my 10k deposit and no inspection (i did had a long term contractor go take a look with me) i can likely get the house for cheaper, it went from 300k to now 224k from last year, so 8 month on market, i could get it for maybe 200k or 210k insteadOriginally i planned to have some minor interior update include few windows, which i am estimating around 3k, but noticing the 3rd floor shingle siding was aging and looks like just matter of time, so i had to replace 2 more exterior siding that need scaffolding, long story short, my repair cost went from 3k to around 8-9kmy dscr loan is 7.625% 30 years, my monthly would be $1577 PITI + water (say $230), compare to my expected rent of $2430, so $623 remaining each monthsome concerns are1. it's flat roof and it's just matter of time for me to replace2. i know this market is always trending, a lot tenants and a lot rentals, so it's competitive but popular, i dont know what to feel about it, i have other rental in the city, just not this specific neighborhood3. since there's so many investor in the area, why no one bought it for the price, it was once lowered to 256k before it go down to 224k. when the market was hot, i think 324k would easily sold, but obviously it didnt as that's what they listed in 2023 summer4. unit was managed by management company, last lease on front unit was from June 2022-June2023 rented for $1700, then they later put for sale for 324kon one hand i think the number works, but on the other hand, i keep have this feeling i wanted to back out of the offer, i think also due to my saving would be down to 20k after closing and all the repairs made, which i normally wanted to have at least 30k in bank, also the extra siding job got me scared a bit, and roof that need to be replaced in futureif i back out now, i am going to be losing 10k + inspection 800, so that's close to 11k lostWhat's your take on this, i would hate to lose 11k without any valid reason and just scared myself out of this deal, but honestly i am having some hard time looking forward to this purchase.

I realize this is an older thread but figured I'd ask.

You get all the benefits of real estate (cash flow, appreciation, tax benefits) with none of the headaches of becoming a landlord.Food for thought, and something I wish I'd figured out much earlier in my real estate investing career.