Sounds like you are happy with the answers but here is something else to consider: NJ is a judicial foreclosure state so timeline to foreclose is multiple months at a minimum and could even be over a year depending on the tools you have.Is your lender a big institution or a smaller private lender?

That's just life.We had a situation where one tenant had been living at our property for years with several other tenants below them over that time period. 

Have multiple exit strategies, do not be over leveraged, and make sure you are factoring market changes.

We have taken over several buildings in Berwyn from clients who have moved out a few years back, and that I get. 

If the reduction helps the property rent in less than a month, then you have only lost $1200 over a 12 month period of time.

Great you take over a loan but why?

Over the weekend she packed up and moved out - no heads up, no communication, no complaints.

Quote from @Steve NA: Hello All,I am new to investing in general (outside of a condo I have rented over the years).

Maybe $1800 in the positive over the year.

I can't count the number of times I have seen investors stumbling over dollars so that they can save pennies in taxes, and in a variety of ways.