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I would not count on the garage for any additional income.

This was a big project requiring new electrical new plumbing bathroom addition new roof Windows, everything.

My question is, are those good enough margins after you calculate additional expenses?

John,Is there an un-permitted addition that is holding the additional 300sf? 

I hate to sound mistrusting, but it is going to be difficult enough to get this situation taken care of without adding to the tax debt by owing these additional fees.

Expenses (in addition to P&I, insurance and taxes) being 3% vacancy, 5% repairs, 10% cap ex, 7% property management.  

The first thing that comes to my mind is to reduce expenses and bring the P+I down as much as possible to reduce overhead and provide a cashflow buffer.

- Say you won a bid, is all paperwork completed right then and there or is an additional 'closing' scheduled at a later date?

I also check the MLS for additional comps if needed.