You can tell the tenant that they can ignore the notice as long as they follow through on paying.As the landlord you want to maintain control of the situation - not allow the tenant to do so.

Yes I understand what you are noting, and I believe on the commercial side of things they are typically not putting their names on the docs like you do for a resi loan but just brokering/underwriting it and collecting a fee as a 1099.

However, I have been mainly looking in the St.

There isn't enough information in here about the current state of the house to be able to advise you, but I would think #3 is a definite no as it seems unnecessary from a cost perspective although that market has scale to accept it.

I am pretty handy and have done plenty of restoration work myself and not afraid to put in some elbow grease. looking into real estate to get the wealth ball rolling but feel a little uneasy given the current state of the economy. what would you do in my shoes?! 

A 5000+ sqf Triplex located in the Tremont Area of Cleveland.

.: Quote from @Tom Gimer: You can't take an element from state X such as "uniqueness" and try to apply it in state Y where that appears not to even be part of the analysis.Let's see how this turns out. 

This is assuming the way you notified the tenants of the new rent was considered legal notice in your market. 

@Jerry Tello I should have mentioned the laws and how they affect your returns vary tremendously from state to state, and sometimes county to county.

At the end of the day, whether small or large deals it always comes down to relationships.