Now I need to figure out how to deal with this loan.Is it better to sell before they start new foreclosure process or just refinance it? 

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I'll throw it out there as an option, knowing that no one is really going to take it.Your proposed transaction is low leverage, so very good terms should be available, but FDRs New Deal in the 1930s (which created the kid-friendly home loan ecosystem -- home loans commonly had 10 year balloon payments before that, even if you put 50% down) was only for homes, not for CRE.

Purchase price: $290,000 Cash invested: $45,000 Short Term Rental (Airbnb) What made you interested in investing in this type of deal?

These are great tips, Allen!

I lived there 7 months while updating, then moved out so it’s now a rental What made you interested in investing in this type of deal?

Purchase price: $440,000 Turn-key wrap deal at 0% interest!

I have lost a couple of good deals because they used the land as a construction debris dump and now the land can not be built on.

Though, I've heard of other investors do deals as sub-to in this niche. 

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