If you have scale with residential hundreds to thousands of units they usually you can build in layers of people and scale to have them handle the day to day grind of constant issues from tenants.I just would not want to have to choose my choice of giving up my soul and humanity for the almighty dollar.

You are a brave soul.

I would advise them to educate themselves on business, real estate, and do some soul searching through self-improvement material.

I have been feeling the tug of real estate in my soul for the last 15 years or so and I’ve only really been digging into the education piece this last year.

We still have a relatively small amount in loans left, but the number is not so soul / budget crushing anymore.

Soul proprietorship sounds like a bad idea unless I only help out with the rentals occasionally, but neither of us plan to take a salary as my w2 job will support us on its own.Based on the facts provided, are there suggestions for how to structure the rental business and what type of entity if any to use?

I tend to fall into bad situations though being nice to down-and-out'ers half of who end up preying on my soul(literally!)

If you want to keep things strictly business, issue a notice, then file for eviction if she doesn't pay.What might be more amenable, for both your soul, wallet and her, is to sit down and have a conversation with her. 

The only reason I am hung up on this property is because the interior is very nice, and the location is quite convenient (right across the street from the medical district which is the heart and soul of my community).

After a lot of soul searching I have determined that this is the life for me and I am ready to dive head first into my first deal.