Even if you buy a property right you can lose potential profit by not managing the rehab effectively.

Hope that helps! 

Very often it's because of a temporary hardship such as unemployment, divorce, illness etc.Most sane people don't want to get foreclosed on as long as they see the light at the end of the tunnel (aka hope).

I would want to keep it as a rental since I don't want to immediately sell it obviously and lose a ton of money on my mistake.I obviously don't want to commit any mortgage fraud and that was absolutely not my intention at the start but I have to do whatever it takes to get out.

Hope we all can help you make a decision here

Once conversion is complete we will reappraise the value of the home to (hopefully) get rid of the PMI. 

Hope that helps. 

My question is more related to the future, and will there become a point in time like the overseas prince scams where hopefully this is talked about enough for people not to get scammed like this

Hope this helps.

My hope is that I would someday be able to sell the homes+land together as a "business" based on the NOI, but want to protect my downside should I need to liquidate everything on a piecemeal basis.