In doing so, assuming equity remains or has increased, you would profit.

For some, I accept that these opinions may remain unchanged.

So that checking account becomes your depository, with every deposit sweeping to your remaining balance on your loan.

You will remain responsible for the rent for up to 2 months - but what we will do is turn on our marketing, find a new tenant, and as soon as we get them in the unit, you will be off the hook for the balance of the 2 months owed.  

From there, form an estimated replacement cost, and write down the estimated remaining life left. 

I have about $150k cash on hand as well as I am planning to get a construction loan to cover the remaining cost of a duplex.

The beauty is if rents can keep up with expenses then PI remains constant and that is where the appreciation of increasing rents becomes a good thing.Sure overall costs can come in below 50% then that is a safety net.

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I have notified our lender (the old seller) in which they are fine with the title change to an LLC (with no due on sale clause), but are not willing to change the payee of the note, in which the mortgage will remain under our personal names. 

Realistically it's going to be difficult for you to actually collect the remaining rent amount if the tenant refuses.