Evict vs collections?

[Account Closed]

Hi everyone! We have two properties in IN.  In one property, the tenant wasn’t paying rent and upon inspection by the PM, the property had significant damage, so we asked them to move out and their account was put into collections.  To date, nothing has been collected and I’m sure at this point it won’t be.  But after a few months, after the damages were repaired, the property is back on track with a tenant.

More recently, our other tenant has stopped paying rent and the tenants communication with the PM is very sporadic.  Lease ends at the end of March. At this point, the options are to ask them to move out and go to collections again, evict, or potentially cash for keys (but have not done this yet either). We have never had to go down the eviction route, so I wanted to understand our options and what additional headaches we may come across. 

Obviously would love to minimize our losses, but also realize at some point we may need to cut our losses.  Would love some advice!