In any case, this building still returns 13% cash-on-cash with a 25% down loan at 6%, which isn't the best but still pays the bills.Can anyone suggest what they think is the most prudent course of action?

Well, making an "offer" a day is certainly fine to get you taking action, but what if someone accepts?

Welcome to Bigger Pockets DralanWay to take action and how good is BP that just like that you made a contact that has seen some good deals.

Even for the finance without non-recourse law, only about 0.2% of the debt was recovered as the legal expenses were too high.Thus (5) is maybe the biggest plus for home investment, but a extremely politically sensitive aspect, which the FED researchers have chosen not to discuss.In spite of (4), overall a home is a good investment.

It is much more difficult to do that if there's a constant threat of an enforcement action by the SEC.

Until you have experience with different investing models you might hook up with other experienced investors in the area who you can work with when needed.Glad you are taking action even before trying to learn it all.Simple tip: Become a big fish in a small pond.

Would it have been a 50k rehab regardless of prompt action?  

5. i was SO beat down (along w/some very poor herd mentality investments in other things) that i am now committing @Will Barnard 's other mistake of spending 4yrs - currently in 2nd year - of wanting/planning to get back on the horse before really doing it (again). 6. working backwards from goal to action steps and committing each day or regular period time per week towards attainment of that goal - while consistently networking... working on that now... :) 7. and lastly... knowing the numbers, the market, the area, and the numbers - practical and on paper.

But, back to your questions...Take action.

Trust me, this is the best course of action.