If you plan to do any kind of marketing for this property, you'll find that you get sellers of all flavors, and the solution or exit strategy can be just as varied.Not too long about, we had six seller appointments in one day.  

Your in a tough situation with no easy solutions that are not costly.

I doubt my treatment of the late fee is going to change any of that!

But there really isn't a tax impact on the principal.Where there is a difference in tax treatment is with the interest. 

@Tom MoleI live in Sherman Oaks Studio City and I agree with you you need to think creatively in Los AngelesFind a problem and offer a solution that's where you going to get the valueOn small apartments or 6 to 8 to 10 units find a mom-and-pop landlord that is pulling their hair outYou can take a look at master lease options which you leased the property on the master lease, and have an option to buy the property based on the low noi or net operating incomeI would use private money to turn the property around and raise rents and increase services and decrease costsApartment accounting is a little confusing and I do enjoy @anthony chara s training on apartments@Anthony CharaIt's online it's not that expensiveIf you're in LA I would not try to do single-family house Buy and hold investingGood luck!

Maybe they have a solution.

I have been told by a termite inspector that laws are changing and that banks demand treatment every 5 years on properties with known termite issues.

Also are you looking for a legal solution or are you confused or scared to re-state your concerns as you have listed them here to negotiate a a more equitable deal? 

In the case of flat roofing you may need to decide what type of solution you expect to get in order to know which materials supplier to look for.

But with numerous repair expenses eating up my cash flow, I started thinking that may be this "turn key" solution idea is not so great for me.