If you decide to keep the property you can refinance into a conventional loan and hopefully you have enough equity to eliminate the PMI/MIP.

In some areas, only rents are included in judgments; some judges will eliminate late fees that appear to be usury.

@Stephen BellI am located in PA and the local zipcode average is 4.7 (still above recommended EPA level of 4) and most of the homes in that area probably would have levels higher than 4 and the mitigation system anyways installed.

It removes the flood designation.This results in eliminating any lender mandates to purchase flood, and it enables the owner to have choices. 

I have pretty much eliminated my housing expenses as a result.

Dan,To answer your questions about the process I explained, yes, it does address potential creditors and yes, it eliminates the need to probate.The big difference between probate and an affidavit of heirship is the public announcement of probate vs. the private affidavit process.

If your tenant eliminates your mortgage it is a good deal. 

You are able to diversify your portfolio and avoid paying that large check to the IRS  Plus, at your death, your heirs will inherit the property at the stepped up cost basis (eliminating the original low cost basis on the original property)

They work belly to belly with people, not random companies.I have a biz name on my cards for tenants. 

Another factor to look at is that can you put 20% down to eliminate the mortgage insurance?