That requires a FORMAL dissolution.

We have described the consequences of not moving in great detail, but it looks like we're going to have to move forward with a formal eviction process.

It has put many small operators out the type of operation you are describing.There is also the issue of being in Compliance with numerous state and federal laws and the only way to do that in a manner that regulatory agencies will find acceptable is to have a formal Compliance Management System in place and actually in use.

If not have them give formal notice now allowing you 3 full months to find good quality replacements that are able and willing to pay market rent.

@Lisa RuI would not run a formal background / credit check on anybody without a signed form, it may become a legal liability.

I'm inclined to think that postcards / yellow letters may get brushed aside, so something that looks like a bill or an official notice may do the trick, possibly with a more formal message inside?

Hi Account Closed,It's possible and I've done it (not going to be a literal double close btw), but your retail buyer isn't going to be able to find the lender, and unless you find a BP member lender doing business in Illinois, you've got to explain it to the lender using very small words and no BPisms (ARV, BRRRR, wholesale, wholetail, transactional funding, etc... not allowed to use any of these terms, as none of those are in our day-to-date traditional lender vocabulary or covered in any of our formal licensing training/education). 

I'd still read, take online courses, etc... but skip the formal university $300 a credit hour classes. 

There's lots of updating that could be done to head down a BRRRR path in this unit, and it cashflows quite nicely at the LP...but...Property was already appraised at 10k higher than my offer, but sewer inspection showed multiple cast iron pipe and non-code stack issues that will most likely be 10-20k of work (my guess, haven't gotten formal estimate yet).  

Of course this means not just the late payers, but the ones who bring down the value of the entire community with violations (formal or not).