Some lost it all in the crash and are floundering in their attempts to recover.

But those expenses can be recovered very easily with referral commissions where you can make $500/hour and up.  

The Assembly could also ban property owners from recovering costs when making improvements or repairs on all rentals, including single-family homes and condominiums.

The goal of investing in real estate is to generate a yield, not generate a loss.

I think I have a solid plan to recover the value of the property from a construction standpoint, but financially I'm not so sure.

@Ryan E. what you are suggesting about waiting till it appreciates to $800k is the kind of logic that contributed to a lot of people’s losses in the last RE crash and, for that matter, many losing gamblers.

Put your grandfather's 1970s strategies aside during this time unique time in history where we're likely going to see a good, steady increase in values over the next 7 to 10 yrs, which can dwarf monthly deficiencies.PLUS, those deficiencies accumulate in what's called a PALA (Passive Activity Loss Account) which can be written off for years and even after the home is sold correct?

Some flat-fee brokers use the entry-only listings as loss-leaders to capture more lucrative full-service listings when the sellers, who thought they could do it themselves, give up. 

Sounds like you need to get in touch with the loss mitigation department at the current owners mortgage department and get a sales agreement in place pretty quickly to post pone the sheriffs sale.

.- Every door is another leg to stand on and can withstand some vacancy or my loss of work, should that happen.