I assume that is where a good portion of the variance is coming from.Great job diving into the numbers on the properties as that is always good practice and allows you to better understand what numbers you want to input on the various types of assets you explore investing in. 

The main challenge is collection of the monthly tenant portion on time for the 3/1 tenant.

In reality, only a very small portion of evictions (<1%) were without cause (98% were for not paying rent and 2% for violating the lease).

I don't currently have major source other than my HELOC, recently invested a substantial portions I had in savings into Syndications.

Thank you for the vital information... that Buffalo changes block by block and street by street. 

You may be able to liquidate the property at or near FMV, but keep in mind that a good portion of these $50,000-$70,000 properties are purchased by investors as rentals.  

It generally takes them about 10 days to process the rent approval portion. 

Hopefully you are not responsible for his portion from the private lender.For what you are owed, yes you could start that lawsuit and i would start that one now.

My rent is $700.Me: "Correct, but your portion of the rent is $161, and housing assistance pays the rest."

We are able to borrow the money at 5%, however the lender also wants a small portion of cashflow (not equity) from each property we buy.