We just got a loan mod on our rental property.  We owe 206,000.  payments PITI = 1530 a month.  Rental Income 1500 a month.  Tax write offs about 3500 a year.  It is stressful, but breaking even.  A short sale may not be accepted and if not, we will  have lost our renters and the loan mod in the process and end up foreclosing.  What think ye?