Not to mention you also have much more flexibility with the tax code.Other options would be to buy better cash-flowing rentals (tough in this market), qualify your spouse as a real estate professional, or sell the property.

From the initial assessment of this property the property expenses are out of balance (i.e. no property management figured, maintenance cost is $500/year, fuel costs of over $4000, along with some other similar items) not to mention some deferred maintenance on the property as well.

I really wasn't comfortable with going with the Crowdfunding approach for many of the reasons some of you mentioned .

I'm beginning to think long-term about what I want to do with the property though and someone mentioned to me the idea of converting it into condos.

But what they failed to mention is that they have a strict criteria for lending and most properties will not qualify for lending, and that their lending fees (which were not disclosed before the purchase of the program) are among the highest in the industry.

As @Steve Jones mentioned, you should keep up to date with the city requirements.  

Can't wait to hear from you all.

As for the above mentioned property, it sold for $25K.

Thanks Rob Myers for the mention of the exit strategy - that's been nagging at the back of my mind as well.  

Association rep says I'd have to wait for it to go to Auction, but really would like to avoid the commissioner showing it for 3 weeks prior and having open house in the place where I live...So any thoughts on how to get in touch with the lender or lawyer maybe to see if they'd entertain an offer?