Here are the details on the house:The Good-Located in Hunterdon County NJ in a desirable town/school district-2 bed/1 bath-Attached 1 car garage-1/4 acre lot-fenced back yard-Hardwood floors-Central air, newer oil furnace/wood furnace-30 year roof put on 7 years ago-450 SF of finished space in basement, carpeted with built-ins-Full perimeter foundation drains and two sump pumps (basement has never seen a drop of water)-New gas stove, dishwasher, and laundry machinesThe Bad-Mortgage balance is about $222K @ 6.125% - House was appraised last month at $220K-Current PITI is $2345/month-$1495 Principle and interest-$615 Property tax (Taxes are very high here)-$60 Insurance-$175 Private Mortgage Insurance-Normal rent for my area on a 2 bed/1 bath is only about $1000 a monthDo I have options here?

Desirable neighborhood. 

Putting in offer on a desirable property.  

Hit the one that is open and make it as desirable as possible and not worry bout the other side for a while.

I also long-term have a desire to participate in the affordable housing marketplace.  

Right now I desire to grow the portfolio but am kind of sitting asset rich and cash poor.

VERY desirable area of Indianapolis.Just a few numbers as to not bore anyone! 

A 150-year-old wood frame house that would be a teardown in most of the South or a $40k class C rental in the Midwest might be a very desirable house worth hundreds of thousands.  

I am a builder and have negotiated a price for a 3+ acre lot in a highly desirable town here in southern Maine through a private sale.

hey community, a friend's father had a business that failed massively in the last 3 months. he just stopped paying the mortgage on his house. some of the business partners have liens against the property. my understanding is that if this were to just follow its natural course, the bank will reclaim the property, and it will go to REO. as a side note, the dad's strategy was to spend his remaining emergency fund on a trailer and to move out into the country, basically so that when whoever comes after him for money, he can show he has nothing left in any of his accounts. if it were just a matter of the mortgage payments, i would be very tempted to start paying them and pick up the house subject-to. the property is in one of the most desirable neighborhoods in all of asheville, and it's a nice home. however,  the liens present factors / challenges i just don't understand. i don't plan on doing anything with this necessarily, but with this particular bit of inside knowledge about the property, it seemed worth sharing to see what experienced investors here thought of it.