How to get out of an investment home, short sale? foreclosure?

So I bought a home in the Detroit area as an investment. First someone decided to steal nearly $2000 worth of plumbing and heating/cooling. Then now have a tenant in there who has been served a 7 day notice by my property manager because she just made her December rent payment and has yet to make January. I have done nothing but lose money on this home. Is there any way to get out of it? I owe ALOT more than what the market has this home going for and not sure how or what would happen if I sold it for less than I owe. Would I be liable for the balance? Is there something I can do?

Thanks for the help

Don't know who your leneder is but I would contact them and ask to speak to the loss mitigation department to work something out....Lenders are dealing these days and they might cut you a good deal.

Good Luck!

Wow, it sound like you are going through a rough time. As far as getting out. Yes you will more than likely be responsible for the balance if you sell it for less than the mortgage and you will have to have that worked out prior to the closing because you would not be able to transfer a clear title with a balance on the mortgage. The lose will help you tax wise, but you might want to stick it out and hope things get better. Owning rental property is not always easy but most of the time things work out. Talk to your mortgage company as soon as you see you may be getting in trouble and try to work something out with them. Good Luck!