It sounds like you would need to have a near perfect record of resolving the defaults to grind out a single digit return (even if UPB > BPO and they have that spread).. :/ 

I don't know where your home is located, but in my experience many of my clients only move here with one car shared by the family - almost anywhere you are in Montclair, public transportation is nearby, so I think you'll be ok finding the right tenant.Wish you the best of luck in resolving the issue and hope you stick with the real estate investing - the occasional headaches are always worth it!

But be so careful because they can file a lien,  which is a nightmare to resolve sometimes!!! 

Insurance companies have resolving complaints down to a science.

Take small jobs when there's a pressing need someone is trying to resolve and make a reputation for yourself as the "go to contractor" for real estate professionals.  

I bought SmartThings-compatible EcoBee thermostats and Zwave motion sensors.

The neighbor is looking to sell their property and is wanting to resolve the decade's old handshake deal he made with the soon to be former owner of my property. 

I am sorry you are having to deal with this uncertainty and hope it resolves soon.

Mixed in there are ideas such as Deed in Lieu or Short Sale/Short Pay as methods to resolve the default or delinquency and avoid foreclosure.  

Hopefully this can be resolved relatively painlessly and I'll be better prepared in the future.