Matt thanks for bringing to my attention the information about it being "owner occupant" and having to stay for a minimal of a year.

There is simply to much money chasing to few deals in the north east, bidding up the prices.If maximizing your cash flow and minimizing your risk is your objective, I recommend expanding your geographic search criteria.Good Luck,Alan

Weekends and holidays do not delay or excuse Tenant’s obligation to timely pay rent.LATE PAYMENTS.

Nothing stops although we may have some delays.

Without knowing a lot more about your skill level and the issues behind the delays and overruns, it is hard to know for sure, but it certainly seems that you need to strongly consider hiring professionals immediately.

Plus keep in mind that cashflow is not the only measure of return you still have equity buildup, tax write offs and appreciation.With all this financial mumbo jumbo being said I totally agree that cash on cash return is the only important return because all those other measures of return are delayed and wont be realized until you sell the house or do your taxes.

More likely, it was just a BK filing for the sole intent of delaying the auction sale, won't be followed through with, and same result...bank reschedules sale date.

I agree with David, and would add that with no mortgage holding costs may be minimal, but you might consider holding losses in your decision.

I've been on BP since July 2012; however I delayed getting around to my formal introduction as life at the day to day got in the way of my progress.

I often see this made clear in the short sale package, and if you submit multiple offers to the bank, it will cause confusion and delay...