The costs are heavily run up by the borrower’s ability to take advantage of (1) judicial states foreclosure laws (2) bankruptcy laws (3) we as lenders having to pay taxes/insurance during borrower’s default (4) legal fees we pay to contest BK filings or other delay tactics (5) deterioration in property since loan origination.  

Lastly, when a property sits vacant it's as if the "soul" of the property deteriorated more rapidly.  

Self storage has very little deterioration of the physical asset, so no devaluation is assumed.The good thing about the above is they are the Current day NPV equity. 

Selling the property just to comply with a city that, ironically, provides no sewer, no asphalt, no public lighting, overgrown weeds, and deteriorated access roads in that same area would effectively mean shutting down their business and losing their livelihood.That’s a power inequity where the government can obliterate a small business over paperwork.

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California could cost you a minimum tax of $800 every year.

But using it ad infinitum, to argue the point or to create subjects of discussion, is annoying and will lead to deterioration of the quality of content on the forum.

(You may have heard that the worst will is better than no will - that is the reason.)In the mean time, no one is paying property taxes, no one is maintaining the property, and the property will deteriorate to the point where although it has value now, it won't by the time this all gets resolved, if ever.But wait, there's more. 

The Clevelands, Detroits, Daytons that have higher spreadsheet value due to deteriorating growth.

Its going to keep demanding money as things have deteriorated overtime and the once fruitful investment you thought is going to be your primary stressor.

But please be aware that (1) real property purchased using 100% leverage will almost always have net cash OUTFLOW on a monthly basis, be vulnerable to tenant loss, emergency repairs, and general deterioration.