The underwriter was working on a large scale product that was unique to the market place. 

Interestingly enough, they claim to be endorsed or connected in some way to BP (see image), if that's the same BP.Here's what they proclaim on their site (I tried to post the actual website link but BP wouldn't let it post):********************************************Here at Oracle Loans we offer a unique solution for real estate investors seeking financing without the hassle and uncertainty of traditional lending.

In the meantime what do I do about this tenant and unique situation?

Are any services unique or are you for the most part just better than the competitors? 

@Bob ZhangYour experience in the Austin market thus far is nothing unique.

you have a unique situation and are hands on.. the average hands off or out of state investor.. turn over kills them.. its rarely less than 1k to turn over a unit.. they have usually about 1 month vacancy ( getting the unit ready for new tenant) and they have a 1 month lease up fee ( sometimes less but one month is common) so turnover in a given year takes up about 30k of their gross revenue for that year.. that's why folks say turn over kills cash flow because for the owner that does not self manage or do what you do which is run a quasi boarding house.. it does affect cash flow negatively..

Our situation is a bit unique in that my husband is a professor so we get a great housing program from the university he works at. 

The Erentspayment problem is a very unique situation, but has happened before.

Call it 155k to see if numbers even work on the higher end.50k rehab cost, add 10% reserve minimal= 55kYou're now in at 210kList it at 245k and say it sells for that= 35k Gross Profit- 6% commission ($14,700)- ±2% closing cost ($4,900)= ±$15,400 Net15,400/210,000 = 7.3% return.I know I am missing several operations and fee items, but that's unique to each individual.This can be viewed as a terrible return by some people, but if you do 4-5 of these a year, it starts to replace your income. 

Detroit is a unique place, due to the city bankruptcy and several other factors like homes values no banks or lenders like to loan in Wayne County.