In DESPERATE search of advice!
Well, in 2005 we invested in a pre-con condo in Ft Myers, FL when the market was still pretty strong. At completion in 2006, the market had slowed considerably and we ended up purchasing the condo because it did not sell. We had it listed for sale and it sat vacant until this April when we rented it. Due to personal issues, the tenant needed to break the lease. It will now be vacant again July 1st. We are losing moeny and cannot continue to pay this mortgage. We did not realize that we could have not closed on the deal and taken the loss, which would have hurt a lot less because the 10% down had been invested over a year before so we would have just had to suck it up. Now we're stuck. We're looking for a new tenant, but would rather sell it and get it over with. I've already spoken to one wholesaler who could only offer 70% FMV. We can't take that loss.
Any advice on what to do in this situation?