If there are no concerns about the property losing value or neighborhood turning, or maintenance issues, and assuming that the property is performing well, I would hold.Maybe you will find something you like better *as an investment* and that will perform better and reduce your risk. 

What are the ramifications should you own the note, aren't able to modify it/get it performing again, can't get the deed in lieu, only left with starting the foreclosure process, and during the process the occupant declares bankruptcy?

What are the ramifications should you own the note, aren't able to modify it/get it performing again, can't get the deed in lieu, only left with starting the foreclosure process, and during the process the occupant declares bankruptcy?

I have gotten low as 5% from a very professional management company, but my rents were $2k each and they had several of my properties.My manager does not charge me fees when they go to the property, but their maintainance contractors do if no work was performed.

Do what you enjoy doing because the key is to be consistent.

I would push for the 1 year lease and sell her on the idea you have no intentions to end the lease if she performs for the 1 year.  

I then performed cash-out refinances to pay off the HELOC loans and lock the properties into a low fixed rate mortgage.The difficulty was, in my own personal experience, doing cash-out refinances is more expensive and the rates are much higher than conventional financing.  

Past performance may not be indicative of future results.  

@Sean TaggeYou are on a great path, Sean.Please consider this:  Use direct mail to find your new acquisitions.Establish a consistant pipeline of deal flow through direct mail. 

(Assuming the numbers work)-Inquire with bank about their willingness to sell current note (depending on performance) at a discount.