It's an A Class property , I gave it to students this time and I took a small loss to quickly fill in as the previous m2m tenant did not provide ample time to find another one during winter time just before the holiday season.

A good CPA would have suggested this from the time of purchase, so you could have been sitting on carry-forward passive losses today.My only true advice is to get a CPA.

So my $700 loss by selling would have a $1,150 monthly cash flow increase.Sorry for going on and on but my process is pretty streamlined so even a PM would be happy as tenants are pretty trained but I'm sure they could add even more value.

I would make sure that if you are going to do do the actual cash value you are covered in a total loss event.

Worst case is loss of time not money.

If either myself or my tenant take a  financial hit/job loss that mortgage payment would not be able to be paid on time until my tenant AND I are both working.  

So all your contracts are good for pursuing lawsuits and collections later, but a huge headache and expense now, with essentially no recourse to actually recover your losses and judgement. 

I understand there is a procedure to follow before I can dispose the personal property, especially if I want to claim the two cars with DMV, selling them to recover my storage or hauling away the trash expenses. 

I rehabbed the house, increased the rent by $300 over what they were getting, got a better class of tenants and later cashed out the property recovering all of my cash and still leaving a property generating $300/mo cash flow.

You have to understand that these people that are going through probate are going through a tough time so when sending letters to them you have to be very fragile. 90% of the content of the letters that our company sends to probate leads are fully acknowledging the loss of their loved ones and expressing condolences.