No money, No repairs, No tenants. Help!

Okay, here is the situation. I own a rental property in Dekalb county Georgia, in a rough part of town. I don’t owe anything on the home, but it has been a struggle owning it over the past few years. The home is in need of some rehab to get it up to par (probably about 1k-2k). I can’t afford to do the repairs on my own, and based on the agreement with my lender I am not allowed to sell the home for another three years or so.

Moreover, I live in South Florida and I don’t know anyone I can trust to take on the task of helping me find a tenant that would be willing to compromise doing the repairs in exchange for low rent, or a few months worth of rent for free. At this point I really just want a reliable tenant in the home who is willing to take on the repairs, it’s a handy man special in other words. I’ve tried Craigslist several times, but the distance makes it very difficult to personally interview and look for people, and it is quite an expense for me to travel to Georgia for any length of time.

I’m open to any suggestions if anyone of you has any. Oh, by the way, it is a 3 bed, 1 1/2 bath with a big basement.

If the lender won’t let you sell it, give the keys to your lender and let him have it. Sometimes it’s best to cut your losses and chalk it up to experience. Not every deal is a winner and sometimes it’s better to stop throwing good money after bad so you’re free to do better deals elsewhere.

Personally, I’d be very nervous holding onto an empty building in a rough neighborhood. Vacant building insurance ain’t cheap and I’d be worried about scrappers getting in there and walking off with all your copper plumbing and wiring and destroying the place trying to get at it.