In between the $25K limit is reduced by $1 for every $2 of AGI over $100K.If you can't use the passive loss against other income then it carries forward and offsets taxes when you sell.  

Someone is in the property and this could reduce the chances of vandalism, theft, etc.

Energy efficiency can be a big deal as well.

We just have to get through the first 8 years at a substantially reduced rate of pay, and it is during that time we will only be able to save $10-20K per year. 

The interest charged for the next period is reduced and so on.

Reduced expenses to point where retirement check covered it all. 

Your conflicts will be reduced or eliminated and there will situations where you get treated to deals that you might otherwise have never closed on. 

Hopefully there won't be any major bust to go along with the current energy boom, granted Texas is more diverse than it was the last time, but a bust would still hurt.  

He researched the case for me & came back with this:-About 293k is owed to Wells Fargo-They appraised the property @ about 88k-Agreed to have the sellers re modify the loan to that price as long as they made payments of $1,700 for the 5 years-They will owe the house free & clear if they continued to make payments-However they can't & are in over their headsWith that being said, this is what the lawyer is saying is my option & I wanted to check in with the community to see if it's worth it or notA short sale-have the bankruptcy dismissed-sellers list the property-we sign a p&s agreement-bring offer to bankCould take 3-4 months or even longerThis would be my first investment deal & I still have to get quotes on all repairs, I started but am still working on it...Is this worth my time or should I place my energy elsewhere?

The numbers certainly change the debt service by about a $100 or so a month reducing the cap rate, but my bigger concern is if I should just forget about this loan all together because of the callable part.