If something goes sideways, as it always does, you are then losing money. 

You would be absolutely crazy to sign any kind of note with this guy, for a property you're going to lose, and he could get a judgment for the balance.  

I believe they give 120 days (4months) for the tenant to move out and find a different place, at the end of which either the tenant moves or loses their section 8 voucher.

Sean,Not that I have actually quit Investor Carrot, but if you stop paying they will take your site and leads will be permanently be deleted.https://help.oncarrot.com/tutorial/how-to-cancel/So if you have written any content for the site yourself, make sure you have backups so you don't lose that stuff.  

@Jeremy Tillotson  anyone in the business long enough will run into one of these.what I get a kick out of is buyers of new homes or turn key homes have an inspection and the inspector finds a little bit of MOld and all hell breaks lose.. and then you have these folks who have lived successfully in a petrie dish for decades LOL..

Filling a vacancy is less costly than prolonged damage and losing $200 every month.

They're the ones in jeopardy of losing their home.

All the advice as to go get some money and jump in, while that's great for cheerleaders, it isn't good advice especially when someone coming in says they can't afford to lose. 

Yes, but keep in mind that if your mortgage acquisition indebtedness exceeds $1 million and/or you have a HELOC is in excess of $100k, you may be limited in the amount you can deduct. 

This sparked a conversation in the office about how owning a rental property is an excessive burden and there is no money to be made in real estate.