Many landlords have gone into situations much like you and the end up repairing properties over and over again, only to have tenants destroy them back to their original state.

Man is on deed and on mortgage.Man Gets Married.Man and wife live in house a few years.Man and Wife are at odds - He leaves and moves on.Wife agrees to stay and pay the mortgage.Fast Forward 2 yearsMortgage is 18 months behindMan is still married to this woman.She has no lease, not paying any rent, and he considers her a squatter.He is trying to save the property from foreclosure.He wont be successful if she is in the property.I am going to speak with a lawyer, But until then curious what the community thinks.My Assumptions are:If he calls the police to remove a "squatter", she will say He is my husband, I have a right to live her, blah blah blah and they will say it is a matter for the courts.If he offers her cash for keys she would laugh.

Hopefully you wont share my experienceOn the getting better prices thought.

Ok, figured out how to quote :)My renovating experience is basically zero, however I do have some solid contacts in the village (friends of the family etc) that wont just disappear on me in case something goes wrong.

Im not sure how that happened but I would think the lender has plenty of evidence to support their right to foreclose.Any act by you to try and impede the process probably wont turn out like you think.If I were you I would just try to negotiate with the bank right now.

I'm bleeding cash each month and in debt due to this and being unemployed for a short spell a year ago.I own my primary residence with about $40k equity, but my DTI ratio wont allow me to pull the cash out.My DTI ratio is high due to the negative cash flow and mortgage on primary residence, not the unsecured debt.Fico is about 750 and I have a job near six figures.I recently came into $160k and want to invest in rentals.You may be thinking 'This guy is nuts.

One thing is true we have the amount of ground given to us on this planet not more...that is until we get really good at space exploration which my guess wont be in my lifetime.

The eventual plan is to move out and buy more properties so the calculations reflect a 100% tenant occupied property.I am not looking to become rich off this property but would like to know I wont likely lose my shirt.

While I understand your fear of the "black swan event" it must be my contractor side that allows me to have no fear of making money off every rehab I buy, if it doesnt fit my price, I wont buy it.

My court case is in only in a few days, and my attorney recommended that we make a court appearance as the case has not been stricken yet, and probably wont be stricken, even the day before the court date, as sometimes the court clerk does not meet the deadline.