A third late will be a triggering of a eviction and the tenant will be out.A tenant that pays late under no circumstances should ever be considered a "otherwise good tenant".Landlords that have tenants that pay late have not properly trained them and are responsible for the problem.

Otherwise, if the numbers meet your criteria, pull the trigger fast-like! 

Would the lease agreement triggers a due on sale clause? 

Land Trusts are generally thought of as being used for estate planning purposes and *should* not trigger Due on Sale clauses. 

After I fix it and get new tenants I might be able to refinance it for $450-$500K, that would give me enough cash on hand to be constantly flipping, I want to be able to get a property and rehab it while also be able to pull the trigger on the next deal. 

DOS - The transfer most likely will trigger the Due on Sale clause (DOS) - a detailed resource on Due on Sale you might want to read is: the-truth-about-getting-around-due-on-sale-clausesAlso, these threads might be worth reading:386043-bank-called-my-due-on-sale-clause183825-due-on-sale-clause-was-called-by-bank232247-due-on-sale-clauseThen, if you choose to proceed, at least you'll know what you getting into.

Any formal closing process or deeded it over should have triggered a transfer stamp to get the final water bill paid before you took ownership!

The father was a veteran.Due to interest rates rising, I suspect the lender may call the loan due if the deed changes name however I'm not sure if this deal can move forward because of triggering the due on sale clause and keeping the estate active to do Lease Option?

Being my first deal, other than my live-in flip I sold last Dec, it's hard to know when to pull the trigger.  

I am waiting until my husband and I pull the trigger on another property first.