I have never done one but I have known a couple people that have. you might want to call or email the Alabama department of revenue to get the correct procedure.

Even if you do all that correctly your electric bills may be so high you will lose tenants or on very cold days the apartment will never quite get warm enough.

You are correct, I am looking to cash out refi for an investment property and would absolutely not want to be spending more than I am putting in.

Explain you want to rehab the home and everything, be upfront.At the end of the day in NJ, you cannot do anything to their lease when you purchase the property unless there is a clause in the lease stating that the lease is voidable if ownership of the property changes and the correct amount of notice is given.With it being winter, even with the above scenario a judge would probably side with letting the tenant stay until warmer weather comes.

I don't care how "good" is your agent, a property will sell by itself as long as it's priced correctly. 

I’ve self-managed remote properties, and although challenging, it can be done with the correct types of systems.  

@Ali Boone-I realized my previous post didn't tag you correctly, so I wanted to make sure you were able to see my response.

Is this correct?

To answer Brian's question, I believe you just want to cut your losses and recover some of your cash and possibly pay back borrowed money.Assuming my hunch is correct, you just claim your losses, and there is no tax issue.If you do have a taxable gain after selling this property, you will not have adverse tax consequences, either.

it sounds like you basically said move forward with the condo then sell it when necessary correct?