Be ready for cash flow on paper but not in reality.

The property would have so much of a paper tax loss, my Real Estate team and other endeavors would definitely benefit.

It worked well for them to grow their business and they are savvy enough to appreciated the benefits of holding paper. 

The paper work that I originally received stated that he was on a month to month lease and he was the only occupant of the unit.  

Hi, I have made letters which are handwritten and made copies of them(hole punched on regular lined paper).

IN my jurisdiction I would gladly boot or tow a vehicle as opposed to going the paper route as I  feel it would place me more in control and less at the mercy of our landlord tenant resolution process.

In fact when I first show the rental I first show the forms I use to evict and give them a paper which shows step by step how long from the time they miss a payment to the time the sheriff will show up to evict. 

The numbers look great on paper but then reality hits and like you said, you get spit out with a non-liquid asset to shoulder because nobody else wants it.

The rent price is all inclusive and offers utilities, supplies (toilet paper/paper towel), cleaning services (common areas normally).

I tell them what I want done in a check list format, and what I want them to resupply and restock the units with. 4 rolls of tissue paper, 4 water bottles, etc.