renting is a very iffy thing. make sure your contract gives you the right to drop by at any time to look things over inside and out. Now a messy house is no big deal but a dirty house is. Get a large security deposit that will cover flooring if needed painting and plaster, wood work. things that are generally a problem with renters. Make sure you screen your renters go to the places they rented from before. Face to face, tell me about these people. Also have a look at the house they lived in. What condition is it in? what is the yard like? what are the neighbors like? what do they thinik of the people? It's much harder to lie to your face. Make sure your contract is worded to be able under certain conditions to have them evicted in a short time. Get first and last months rent. Make the rent due one week before it is the actual end of their month, that way when they say we don't have it this week you're all set for next week. keep very sticked records, and give them back every penny owed to them when they leave make sure your contract is noterized! also make sure the payments cover all your cost for that house, mortgage, taxes, insurance (and recomend they get renters insurance.) You'll need money for emergencys like broken water heaters, leaks in the roof, etc......cover your butt. have a little more comming in then what youhave to have to get by. don't gouge any one but have backup. what if your renters walk? It's better to have a lease with option. the renters are more likly to keep things in order knowing if all goes as planed it will be theirs. something for them to be proud of. set the lease price now with a fair interest rate, generaly the price will be higher then other homes for sale, because these people can't get a loan at this point or they wouldn't be renting or leasing. Make the balloon payment at the end of 3 to 5 years. at that time they should be in good shape for a loan.Maybe talk to them along the way to keep them on track. Make sure you regester yourcontract with the courts. This will also help the buyers build their credit. Included in the monthly paynent will be the payment,intrest(which you could start that emergency fund), and taxes. the buyer-renters pay the bank directly and you recieve astatment for proof. WIN-WIN. Your mortgage get's paid, you get backup money, you start a savings and you are in complete control of home. In five years time thats a chunk of change. Always be as fair as you can be, these people need help or they wouldnt be renting/leasing, but be sure you profit even if it's not a lot. what you have is valuable. good luck, melod

In that area you are looking at around $1000 per month. That's why it did not rent the first time. Plus the agent gave you no advertising. If you can rent it for at least 3 years then come back and see how the market is then. It may be better for you. Unless at $1000 it is still costing you $$$. Then you should get the advice from your accountant and see how they tell you to proceed.
As you know, our area got hit hard by the market. In this area we lost between 40% & 50% at least. And some places like yours got hit worst than others. Let me know if you have any questions or need any other help.
Paul Antonelli
E-Pro Realtor
Coldwell Banker Ackley Realty
"Your Residential, Short Sale & REO Specialists!"
3264 Greenwald Way, Kissimmee, Florida 34741
Office: 407-846-4040 Fax: 407-846-3407
Cell: 321-443-4028
E-mail: Info@PaulAntonelli.net
Website: http://www.OwnAHomeInCentralFL.com
Local Foreclosures: http://www.paulantonelli.net/deals