Without knowing a remote location well or having a quality trusted team in place, I would be very hesitant to pull the trigger on a deal like this without having ALL of my facts straight and independently verified by multiple sources.Not trying to talk you out of it.  

I hate to take on more debt, but if my cash flow is close to what I was getting then I might pull the trigger and go for it.

Whether the sale will trigger anyone to come knocking is anyone's guess.

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!