And I would be happy to host the next one.. and I will treat with Food  Drink and such.. just show up I am buying LOL

If you vet that far and are still considering then see if your units could stand a bump in rent to absorb the loss of rent from your unit.

Well, your cash flow, which you thought was the deal itself, simply made up for your loss of equity because you bought too high. 

I would plan on the lower end of rent values when calculating your #s.I could do 1% rent to price but it'd have to be in a stellar neighborhood with all new infrastructure (roof, AC, interior, etc) to drive down expected maintenance costs over the 15 years I can finance the property for.Don't get locked in with something that's a marginal performer with no exit strategy that doesn't result in a loss.

Fire him...take the loss..finish the project...make a profit...move on to the next deal!

I have two different loan servicers plus my own (for new paper or loss mitigation notes).

I'd keep a close eye on them to make sure you don't incur unnecessary losses in the future.

But it certainly helps.Taxes are another area play on holding properties, you need to consider your tax liability and if a property makes you any money from any losses on paper.

So a conversation with that broker might help.We are going into the summer so price it right and get it gone.If you want to take legal action be prepared to write a check to an attorney, you'll need to justify your financial loss and you might find that can be hard to do, it could cost you more than it's worth too. :)

Jail these day I hear have great food !