parties s***ed up, I find a parallel here though the amounts are orders of magnitude different (i.e. not worth the legal costs).I think the Land Bank buyer ends up with the property, the seller ends up with his funds and not sure where the title company (assuming they acted in good faith) ends up and the buyer from the seller may be left holding the bag of poop or it may be the buyer from the Land Bank that has the bag.Can't say I agree with the outcome but if I apply this case.. that is what I get.Oren

Agreed on several comments above - scope of work (with or without pictures) is very helpful ESPECIALLY to those who aren't in the flipping business.

I agree with @Thomas S. and recommend getting into multi-family.

I would agree from an ownership standpoint about just keeping it as a long term rental, especially if your out of state. 

I cannot agree more, Podcasts and YouTube videos of BP are my best company in my commute every day!

I agree with @Robbie Reutzel on figuring things out...Usually you can get bank records to show either the expense from the tenants, or the monthly income from the Seller. 

I agree with @Thomas S. but based on what you said about the property, I would be surprised if this is a financeable/refinanceable property.And probably most importantly, if that PM decides to wash their hands of the property, what's the backup plan?

But, sometimes the issues needed to be dealt with might prevent some types of financing, so the Escrow method is one way to stay on track.This also assumes, of course, the lender agrees to it.

The contractor agreed at the beginning that the scope of the work was well within the time limit agreed upon, but now seems to be struggling to meet the deadline.

I agree with @Johann Jells - If you are in contact with the tenant and they are being somewhat cooperative, consider yourself lucky!