So we have inherited tenants in a house hack. They were paying, but were late last month. We found out the person on the lease broke up with her boyfriend and moved out. He (not on the lease) is still there. We contacted the person on the lease and managed to get May's rent. June's rent was due on the 15th, and the person who is now living there by himself doesn't seem to be able to afford it.
Here's the problem. These tenants have been there for 8 years and have really trashed the place. We hoped they would stick around so we could save another 6 months in order to do a really good renovation. If I evict him, I'll have to go in now with about 60-70% of whats really needed (as no one else would EVER rent the place in it's current condition) but I suppose I could get it "rent ready" with the funds I have now in a couple months.
I talked to the tenant today. He's working and suggested a short term roommate to be able to make rent, but so far they only have 20% rent paid and July's rent is due on the 15th.
Should I bother giving him leeway to come up with the cash so I can buy myself another 6 months to save or do I bite the bullet now and do a half *** job renovating in order to get someone else in there?
Thanks!