If you file in court eviction papers dated 9/6/16 for example and have a 5 days notice dated after that date you are toast in front of the judge.

Right, I am looking to file the paper work to foreclose on a property where I hold the note.

I know of many "Millionaires" (on paper) that lost it all in the last recession because they had TOOOOO MUCH DEBT on their properties. 

I ran the numbers by hand on a sheet of paper, now i want to double check it with the calculator.

What I would do is remove the vanity, toilet and the tile wall up to the shower and all the wall paper.

Some landlords start eviction papers right away.

gotcha... although if you just hand in the keys your walking from your downpayment and whatever cash you have in it.your sense are correct all these folks singing on massive debt with 5 year calls are taking a certain amount of risk.. just need to look back to 08 09 when no one could refi and all these properties changed hands.. it was not because of poor operators basically it was frozen credit and banks not relenting or walls st.. hedgefund bought said notes from failed banks and refused to rewrite and took the assets.. since they paid pennies on the dollar for the paper.. foreclosing and reselling was still a better play for them.. 

But there were papers that caused it to keep igniting. 

Wall wash with TSP prior to painting if possible,, if the ceilings are flat (not popcorn) wash also, a sponge mop with a towel over it works great and fast..2 buckets one wash one rinse.you wash everything,, doors, trim, floors, cabinets, light fixtures, all windows glass and tracks.Bleach is ok to use but I've found that TSP is best thing to actually REMOVE the nicotine,, you'll be shocked when you see how well it works. 2 Prime, Kilz primer to seal anything your going to paint.3 Remove all blinds, throw them away the plastic retains the odor and they'll be gross anyway.4 Air Ducts if you can reach inside wash out.. then spray Kilz in them as far as you can reach with the system off.  

Now how many successful real estate investors look back and say "man, real estate investing was dumb, and if it were a piece of paper, i would light it on fire".