You can borrow up to half the current appraised value (minus liens) if you are administrator with Letters now.Try this site: closeprobate dot com Disclosure: this is a company that I own.

So rather than one lender bearing the full impact of the default and others avoid it completely, everyone involved takes a little of the pain for the defaulted loan while continuing to earn returns on the other loans in the pool.The broker does take a cut of the returns.  

Find the pain! 

It all depends on the investors emotional relationship with leverage if leverage makes you stressed and the pain of leverage exceeds financial gain then sure you'll try to reduce leverage even if it makes financial sense to keep debt or add more.Nowadays with the advent of the internet, systems, full service property management companies, and technology bills/payments can be taken care near seamlessly with little of your intervention.

The process was really painful but the end result is worth it.

I've been through most of the big ones (I have over 10 checking accounts), Regions is the only one I've had a good experience with.Big banks are just a royal pain. 

I had lines stapled around the baseboards in a rental.I needed to install new floors and after removing the baseboards I noticed that it would be a pain to re-staple the lines.

The seller may come back and be a pain.

As you have presented it, if the administrator is willing to sell the houses and land for $62,000, the other debts are not your concern. 

Wanted to hear what owners feel might be pain that a property manager can solve.