In light of this over the next couple of months, my colleague literally ended up kicking Bob off of his jobsite and supervising Bob’s guys himself while searching for deficiencies.

If cost overruns occur, then put that into the agreement that she has to come up with the additional capital or you will loan her the deficiency amount with interest.

There are many agents in my area who work with 3rd party negotiators..they usually want to list more property and don't want to deal with being bogged down by the paperwork or time it takes on the phone with the lenders for a short sale.What's in the homeowner's best interest is a successful short sale with a deficiency release and if that's what this lawyer is doing, then I wouldn't question it.

I would go to www.irem.orgThere is a designation specifically for handling apartment units in size of 50 units or more.I would have a clause in whatever company you choose where you can cancel without penalty if they are not performing.A great company should have experience and system in place.Depending on the age of the building sometimes it's better to have a property manager live on site to run it properly.The older a building is or a little less desirable location the more issues come up.I find lower income renters to be less stable,change jobs more frequently,get evicted more,and have more hand me downs so when they leave the units have a lot of junk they don't take with them.I would ask the company for references you can call.Ask them what they excel at and also what are areas they could improve greatly in.The deficiencies a company has might be a big deal to you or may not so it's important to ask.

Almost all foreclosure actions in PA that I have seen were "in rem" (I recall seeing one specifically a couple of years back that wasn't).PA also has a time limit after the sheriff sale for the plaintiff to seek a deficiency judgment.

The bank may agree to not pursuing a deficiency.

For over a year now all my BofA approvals have been full debt forgiveness with deficiency waivers so the odds are good yours would be also.

You will also benefit from tax write-offs from depreciation & those business trips going back to Roanoke to check on your rental property :-)I would much rather own and manage that home then sign a promissory note for a large deficiency or take a credit hit.

If the Dr, stops making payments he ruins his credit, we foreclose, we take the property and sell it for 60 cents on the dollar and then obtain a deficiency and go after his stocks, bonds, boat, cash on hand and his salary from the hospital!

The only benefit is usually a deed in lieu will take away the banks right for a deficiency judgement.