I started buying some local real estate, some commercial, mostly single family homes.I guess I got greedy and finally topped it off last year with an ocean front property at a great price.I now own 5 properties, most heavily mortgaged.I have been trying to sell the ocean front for the past several months and not getting any bites, have dropped the price by $400, 000, still no takers at $1.500,000.I have about $100,000 left in the bank, my monthly nut for all the properties and my overall expenses is around $26,000.My current income from rentals is about $5,000.I am going through a relationship split from hell, with my ex coming after 50% of the net worth, which of course is only on paper values.She has no legal standing on this as we are not married, but I feel the judge will make an emotional decision.My question is, should I file for bankruptcy, let some of the properties foreclose on the chance that something might sell in time to bring in enough income and/or just pay my own house and expenses, which would give me about 10 months time.Should I look for another investor to come in and fix up the ocean front as a vacation rental?

I do not have time for flakes that jump all over creation and do not know what they are doing or even know if they qualify to purchase.The other brokers know my clients will close the deal because I heavily qualify them and get the heavy lifting out of the way upfront.

** A re-newbie is someone who invested heavily from 1998 to 2005, where all his mistakes were covered up due to rapidly escalating market.

You could always ask if you can add your own advertisements as well in order to get it rented faster since many won't advertise heavily on newspapers, Craigslist or Facebook for example. 

You are unlikely to get state specific legal advice here, and also unlikely to afford an attorney for a deal this small.Your best bet as suggested above is a heavily discounted pay off.

Another downside, is residential lending is heavily regulated.That being said, becoming a doctor was never on my radar.

I have decided to make a go of the sales side and prospect heavily.

The 1 - 10 comes from some factual research (ie crime stats, school quality, transportation, etc) but it is also largely, heavily influenced by how I feel when I walk or drive through the area at daytime and in the evening.When I am really conflicted about a particular rating I sometimes add a + or - modifier to the letter, or use a decimal for the number.

Also, when the tenant does not pay and you are heavily leveraged on the investment, it may put you in a bad situation.  

The reason being is that I discovered that the 48-unit building was being scrutinized heavily by a litany of lenders that the buyer tried to enlist to get financing, only to have each lender deny the loan based on their own unique criteria.