I’ll also amortize large items like roof over 20 yrs, and then add $100/mo/unit for general repairs.

After adding those four items back in, it brings the complex to making around $6,500.

But, only because I have seen LLC agreements in lieu of PPMs, with the same general items discussed. 3.

And addressing my item #1 comment, almost always, when a "distressed" homeowner is approached, they initially are grateful to have the loan brought current, but before long they forget the circumstances they were in and you become the bad guy that stole their house.

Regarding next steps, I agree that the best way to approach this would be to have one person act as boots on the ground and the other person handle the back office related items.

I would stop work until an itemized scope of work and cost to completion is established.

Mine may be different though because I am still responsible for HVAC and many other large items on the property.

Why can't I go into whole foods and steal their food without getting the police called on me?

I would also send the tenant information about food pantries etc in the area.

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.