Everything should be done formally, no matter if it is your best friend or family.

The tricky part would be if they don't move out, then you'd likely have to look into the formal eviction process or a cash for keys type of arrangement.

By being formally trained and educated in the space, agents understand the nuisances of theses practices and know how to successfully execute to qualify the tenants without causing any harm to their landlord client. 

You can also secure financing outside of a formal hard money loan, for example from a friend or family member, which usually will offer a lower interest rate. 

On a larger park, I would recommend a formal cost segregation study for this, but an 8 unit park is too small for that to make sense, so you can also assign a value in the bill of sale to include:Landscaping shrubbery & trees: 35 mature trees approx. 20’ tall each, pool equipment, roads: XXX square yards of asphalt paving, sidewalk and curbing, electrical pedestals, concrete pads, underground utilities for electric, sewer or septic, pool, clubhouse, etc. 

I’ve left that work, and plan to self-manage apartment buildings I own, formalizing that as a 1099 employee of each LLC.

I'm starting a blog series and thought I would put this out for commentary before I publish it more formally. 

They were a constant headache despite complaining their bathroom never worked.Lastly, a lot will depend on if they have formal year leases or just verbal month to month.

@Rushi Bhalani - I would love to see Biggerpockets set up a more formal mastermind program.

To resolve….1) contractor releases it2) you formally contest it, this shortens the time until it expires if the contractor doesn’t file suit3) file suit/action to have it removed4) do nothing, the lien typically expires in 1 year if the contractor doesn’t file suit