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You may be able to get a levy against their bank account or file a wage garnishment without the need for going to collections. 

I'd be very open to that.A High Yield Savings Account at 4.5% yields a close to 2.5% after-tax amount.

If you cancel your account all your data will be lost.

Further, we need to account for a $10k “reserve” for what will be repairs / maintenance as the property ages.  

Hold on to the cards forever (closing accounts or opening new cards can impact your score).

However a lawyer and accountant may be best to consult there much smarter then myself  

A common strategy used by investors, such as those operating through PadSplit, involves purchasing the property, completing basic rehab, refinancing, and then using cash for the interior build-out.Another potential red flag, even without converting common areas, is the addition of individual locks on bedroom doors.

They have degrees and interests in different segments of what I think are important facets of the real estate game, one will be graduating with a degree in construction management and the other in accounting.

If you have it in emails etc. you could have a position - but as another poster mentioned, giving up $100 a month in rent to only paint two rooms is very very generous so I can see how they thought there would be more rooms involved.