Your tenants who faced with an already tight household budget may decide to rig the issue instead of fixing it properly.  

If things are tight right now, maybe consider a side hustle or extra job until rent adjustments give you more breathing room.

Newly created companies after January 1, 2024, must register within 90 days.There are significant penalties for missing filing deadlines.

. - Tenant agrees to either start the loan with recourse, with it burning off after the extension is signed, or start the loan as non-recourse with a springing trigger if tenant does not sign the extension soon by a certain deadline. - Lender requires a heavy TI/LC reserve until the extension is signed.

It was my first time stepping through the motions of a property auction and it was still a great learning experience, despite missing a technical deadline and not being able to bid on any properties.I am now in the process of closing on a FSBO listed duplex that's a better deal in comparison to most of the properties that sold in the area during the auction, so it all worked out in the end.

Your numbers are way too tight, especially in today's environment.  

Fair enough that he's not on contract for that, but it really would have been great if he could have informed me that this was a thing and that there was a deadline.

Now that the 90 day deadline has expired and we haven’t received certified equity nor an update informing note holders of their status, concern is definitely growing. 

He left the firm several years ago, because the assets were not being managed tightly enough.

But with the high mortgage payments and tight cash flow, it could be hard to make it work as a rental without losing money upfront.