You should have started the process to collect as soon as rent was not received on time.Most landlord selling simply walk away from the loss.

@Aimee KnierLike you we can not simply non renew either.

It's called "Subject To" but that simply means taking over somebodies loan.

Personally I like the idea of having a few properties owned outright , simply for safety / risk reduction to keep the wheels turning in tough times and there will always be tough times or massive expenses if your in this game long enough .

Have you figured out if you'll be acquiring distressed properties and then fixing them up to rent or simply buying fully renovated homes?

I have many leads that need followed up with that haven't been touched because of lack of time, and I'm doing minimal marketing as of now because the few leads a week that come in, I have trouble getting to them as well.My business is in a stand-still and essentially losing money because I know I've missed out on deals because of either lack of follow up or not calling back new leads right away.I plan on hopefully being able to go part time in the next few months, but in the meantime, how should I handle this?

I'd recommend Stamford, simply because of the ease of commuting into the city.  

Originally, I had intended to simply have them transfer the deed to me subject to the existing financing or simply buy the house from them for what is owed on the house using a short term hard money loan, but the more i think about it, the more it might not be a good idea for any deed transfer.

There simply isn't.

You simply need to get an explanation.