So a loss of about 55k We did a lease to own option so I could immediately take over expenses but keep their primary resident loan and interest rate.We agreed to a deal which would cover all their expenses at closing, their remaining loan balance, and $45,000.

But something to keep in mind. 

You'd ultimately break even just to keep the lights on. 

However your potential margins - with a brrrr/refi or a sale - are very large if the property is able to indeed be repaired.Good luck and keep us posted on your progress!

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

I’ll be sure to keep looking into everything you mentioned.

Some people use their IRA to fund fix and flip's and keep the profit in them tax free. 

The trust keeps the asset on the books at the current price, but misses out out any potential MTR profit sharing upside. 

It might be something you can easily resolve and keep them at least until the contract expires. 

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!