This gives you a solid exit strategy - list with broker if it doesn't work out as a rental. 

But gurus don't teach that I guess.Again, the problem is that new investors don't learn the basics of real estate, they dive into gimmicks, strategies and methods of how to make money then try to figure out why things don't work out for them.      

The other thing as well is you are not allowed to contact the borrower if they are in active BK, but I have heard of some creditors who "accidentally" contact the borrower and have them email them permission to contact them to do a workout package with the borrower or the BK attorney out of bankruptcy.Since I'm not as experienced as other investors, I'm curious to know what other peoples' experience is like working with BK attorneys.  

He offered to forgo a property management company if we can work out an arrangement and he would reduce the rent by about 10% (whatever the property managers rate would be).

It looks like an offer of 210K could work out well for you. 

Hey Mike,I am in a similar boat, what did you end up doing and how did work out?

Hello all,In the next few months i am coming into some cash and have been trailing through towns and cities in FL to try and work out which locations would provide the best cashflowing properties in areas that have low crime and half decent schools.

Of course there are unique challenges that arise, but over time the marketplace will work out the kinks and develop best practices.

Also FCI's workout process is not as good as Land Home Financial...

I mean, I understand that investors use hard money for fix and flip but I'm finding it hard to understand how Would it work out for rental propertyplease someone give me some education