Hey @Wesley Mitchell ,Sounds like you're indirectly pursuing the  BRRRR method; acquire a property, improve it, then refinance and get your money back (in this case it'd be 75% of the ARV after improvements) This would help you keep the house as well as attaining funds for your next investment.https://www.biggerpockets.com/renewsblog/category/...

If you do not manage the project properly time can eat away all your potential profits.

Interestingly, there have been several BPO's done, with walk through and everything, and the highest, and most recent value came in at ~580K.The failed Short Sale was actually approved by the servicer for $480K.I suspect this has to do with the Non-Performing status of the mortgage, my mother's age, and Massachusetts being a tenant/occupant friendly state.I had to terminate the arrangement of this Short Sale when I finally acquired unbiased legal/realty counsel, and realized that the sizable return (700K - 475K = 225K) would not only be an act of fraud for us to receive, but that the buyer was likely misleading us into thinking we would get this money.Since then, I really started doing my research, and am very interested in pursuing Real Estate Investing thanks to all of the hard lessons I've learned.I organized an off market pool of cash investors, and showed the house and took offers. 

One thing you guys should pursue is a duplex-quadplex investing as this will give far greater Return on investment.

So in my head, I believe it'd work out and I will pursue this.

If you are STILL struggling after getting rid of the car payment, the Starbucks habit and the landscaper SELL.Otherwise, get with an agent and have them answer the question of whether you can or cannot feasibily Rent this out at a profit or very least break even.

It is best to pursue off market deals or structure the agreement to where the realtor represents the buyer as well.

I’m currently building a team to work with me on house flips and rentals, and I wouldn’t want this land I want for mostly personal use to mess with those goals.Some initial ideas on adding value to the property: -build a pond w/dock, add a food plot, maybe a small cabin to attract hunters/outdoorsmen-fence some or all of the area to make a small profit (enough to cover property taxes?)

Anyone ever gift property to a non-profit.

@Steve Lee ,  I used to live in the area,  base on your loan amount,  the numbers may be good but base on the market value and the possibility to repositioned your equity  in something more profitable   the numbers are not so good,  I really not expect that prices to go higher,    there are more options to put your 200k equity to work for you.