Do you use a 3rd party for screening?

To your point about experience with renters, it has been pretty low key (children's birthday parties, women's retreats, families getting away for a weekend, etc).

But the very first section of the post, notes this is a Party versus party litigation about 1 lease.  

It's like showing up to a fancy dinner party in your PJs—not a good look.

He was late on rent for the third time, and this is the response he sent me:Dear Nathan: Thank you for your recent correspondence.

Contact the tenant, have a conversation about retaining a portion of the deposit (probably going to have to cut them a break), get them to agree, put it in writing for both parties to sign, and send them the remainder.

As for the refinance aspect, if you're going from LLC to individual (or vice versa), at my shop you would just transfer title into (or out of) your LLC at the close of escrow, so that part is no biggie.

See Richards link on BP.Texas Tuesday Mastermind and Party. 1st Tuesday of the month in Fort Worth and Dallas.

The sad part is that these poor returns don't even have to do with financing costs which will be an issue in the future this is simply poor performance by inexperienced operators.

In my case, I have residential rentals in one LLC, commercial properties in another, self storage in a third, and my real estate company operates in a fourth.