You can always hire a licensed mortgage servicing company, which may be a waste of your money, and they have accounts setup already.If/when your borrowers apply for a new mortgage, that lender will check with you regarding their payment performance and history which will be taken into account.

I'm fishing for other peoples approaches to see if I can improve or add anything... and the home is a steal for the right buyer...I posted on this forum because I wanted to talk to some other agents outside of my area... :)

I.e. work hard to lease out, retains tenants, provides timely maintenance, perform regular inspections.

Again it could be a reasonable cost depending on what all they had to do.There are multiple issues here.1.Most of the items mentioned for repair should have shown up on an inspection of the property PRIOR to purchasing.In my mind if you didn't get a inspection from a 3RD party inspector not affiliated with the company selling you the property then these repairs are on you for not doing due diligence.2.The other component is that this property manager has their own crew.I don't like that one but and would never agree to it.Sometimes managers also get referral fees for giving business to skilled trades even if they don't have their own crew.The problem becomes then instead of getting the best rate they have to pad it a little to give back to the property manager for the referral.So either way I am sure the property manager is reaping a benefit monetarily from it.This way they make more than the lousy 50 to 60 bucks a month managing a property.This is why I am not a fan of "one off houses" in an area far away from where I live.This is why I like owning apartment buildings.I can find a full time highly trained manager easily and they use systems and programs to control cost and everything is documented.Since they only focus on management and are not a broker/agent doing transactions and then handling "rentals on the side" my properties get the focus they need to be ran properly.It just sounds like you purchased wrong and then on top of that have a property manager padding fees with the repairs.REO agents used to do this with banks.They wouldn't make much commission on selling the little dumpy houses so would have their company do the trashout,re-key,repairs and charge full market for it.Eventually the banks caught on and choosed their own company to perform tasks and only let the broker list the property for sale.Sometimes that works and other times it doesn't as the broker or manager is now dealing with outside parties they can't control saying work was completed properly and it wasn't.If you haven't had an inspection of the property I would do it now to see what all else might come up in the future so you can expect it and plan for it.

Get a high income, just missed mortgage qualified Tenant Buyer that needs the house (schools, status) and willing to do Credit Improvement to get it3.

So in that case, you could improve your score by closing.All that said, 800 is good and you don't need to worry about a 25 point hit.Also, don't just accept the annual fee.

If you could get the lender to agree to a short sale, even if you have to accept a note for part of the shortage or bring cash to closing, may be the escape that costs you the least.I seriously doubt that holding onto this for three years and continuing to take your monthly loss will result in a net improvement.

When a property has been vacant for some time (the utility company knows this from their records), the utility company can consider it a safety hazard to turn on the utility service without some inspection and repairs being performed first.And repairs are probably something you wouldn't want to do.Also to add to his item #2, some utility companies either want to see proof of ownership of some sort, or a lease signed by a tenant and the known owner, to turn on utilities.

I have recently considered refinancing out of my FHA down to a 15 year fixed which would equate to what I currently pay for my 30 year FHA along with my home improvement loan.

Is there a potential for improvements allowing the future owner to raise rents???