Based upon my experience, a buyer in a similar circumstance as you will be signing an extension and closing whenever the bank is ready. 

Therefore, what investors need to do TODAY, is make decisions on based on today's prices, returns, and future prospects (relative to PV).Hope that made sense.Continued success!

Get with a Contractor and a Real Estate agent that you can trust. get the contractor to bid on the rehab in order for you to understand what it takes for that property to come up to actual value, get comps from the real estate agent to understand what the property is worth, make an offer based on those numbers and move the property to an investor.

Monthly revenue should be $8-9k/month and an ARV of $450,000+ based on comps in the area.We really don't want to have to walk away from this deal but we're struggling to figure out a way to make it happen.

I have been to a large company based seminar to give me some foundation and now currently working with another real estate company for mentorship and training.

I am based out of Closter and Dumont!

Charlotte is one of the best areas in the US to buy rental real estate and it has been so that I know of personally since 1993.Top areas have been since 2002:Phoenix (now pricey), Dallas Ft Worth, Austin, Vegas,Charlotte.Charlotte is not a tourist economy like Las Vegas, CLT has a solid finance, manufacturing and tech base for employment. 

You could find a private lender or hard money lender that will lender based on the appraised value.

Its great that you make a very conscious decision based on research!

Based out of Brooklyn, NY.