So basically, repossess the unit and forfeit this month's and last month's rent, or wait for him to turn up with the hope that maybe I'll be able to recover the rent.I'm definitely leaning toward the former - but what are your thoughts?

The conservation area was tough, you basically cant build anything on it, not even asphalt.

Once I explained to the tenant the basic concept that you have in your question I asked what the tenant thought would be fair.

Now while that means I have all the basic skills and experience needed, I am always open to more learning suggestions in this area of real-estate.

For example, as an agent you are expected to know what certain basic things are such as a termite trail.

Also, get at least 10% down from the end buyer which basically pays you back your initial money.

Basically, you are not using your money and leverage to your full potential thus raising your opportunity costs of not acquiring more properties. 2 properties cashing flowing at 250 a month each is better than 1 cash flowing at 300 a month.

Fortunately, I don't work full-time because I receive veteran education benefits that cover the basic costs of living.

Basically, since it can take years to foreclose, you're not allowed to be in default and still collect rent.

assessed value is always significantly lower than market value..also with prop 13 maybe its on sales price.. but same thing.. out here its not like other states were its just a % of what yo paid for it or what the assessor assess fair market value basically annually .. like you see what happens in Texas when things change hands.