Hello BP,
I need some advice on what is the worst investment I've ever made.
Overview:
- Purchased a condo in 2022 for $270k, with a 3% down payment. Currently owe $255k.- Mortgage rate is 6.125%.- Lived in it for ...

I had 3 teams of two door knock every NOD in the 4 county area.We only door knocked one week before they were going to lose the property.. and the best deals were 2 to 3 days before.. this is motivated folks. before that they are still waiting for their rich uncle to bail them out.and folks in our market will receive no less than 100 to 150 direct mail piece during the process.with many saying the exact same thing.. does not take a brain surgeon to realize the letters are not unique  LOLMost folks could not compete with us.. as we could redeem day before many times.  

This guy is a kidney surgeon.

Dang @Calvin Thomas, this IS a pickle.As far as the money goes, I would be inclined to forego the legal pursuit and put the $50-75k (or lets say $75k since legal fees are rarely less than they can be) towards the $110k in re-construction costs. 

When I visited a week ago, it seemed like there was a lot of rehab/reconstruction going on, but still many older homes that have yet to be turned.

The reconstruction project is taking longer than expected, and I'm facing ongoing fees every month, despite being unable to use the property for rental or personal purposes.

Today's rate would be 4.5% at 75% LTV with only .5 points.Tenants pay heat and electric.Insurance: dependent upon if I insure replacement value or reconstruction value will vary from $700-$1200.

I have been digging through the guidance and am wondering if anyone has ever taken advantage of the following clause regarding 203k improvement types from the HUD SFH Handbook 4000.1, pg 374:- "reconstructing a Structure that has been or will be demolished, provided the complete existing foundation system is not affected and will still be used;"- "repairing, reconstructing or elevating an existing foundation where the Structure will not be demolished;"Guidance link: https://www.hud.gov/sites/dfiles/OCHCO/documents/4000.1hsgh.pdfHas anyone ever built a new home on top of an existing foundation using a 203k loan?

It doesn't take a brain surgeon but it does take instruction just like any other SMART form of investing.

I wouldn't have a brain surgeon fill my cavity in my tooth.