Actual contracts would be perfect of at all possible,  but an outline of what the contracts should contain would be helpful also.  

It outlines what you should be setting for criteria, defines protected classes to ensure you follow fair housing laws and has other great content all piled into one document.

Here's a thread of another inexperienced OOS investor with similar (arguably even worse) problems at a C or lower property--I'd suggest reading this thread, as it provides some solid suggestions:https://www.biggerpockets.com/...On the bright side, there's a LOT you can learn from this type of situation (a lot of the lessons are outlined in that thread), and if you take the time to learn those lessons, it can make you a better, more effective investor. 

Send them a text outlining the important points, give them a timeline to agree or start looking for a new place. 

I usually write a friendly letter of intent  (LOI) that outlines 3 scenarios that would work for me.Scenario 2 - Seller Financing- usually ends up being about 6-8-10% more than cash out (Scenario 1), and settles on about 10% down at 6% over 24 yrs with a payment of about 6/9 of expected rent.For easy numbers, I bought a little $900/mo rental off-market from a tired landlord in 2015 for $88k, $8800 down , $600 pmts at 6% interest.

I was definitely going to implement a 'late fee' for an untimely finish and have an outline as to what work is to be completed what days and weeks.  

Then the entity holds title and the operating agreement for the entity would outline ownership percentages and could also outline any distribution rules.

I have a blog outlining how to build a personal flipping calculator you can find on my profile or I can DM you if you want to use that as a model.   

I outlined a bit in a previous forum post actually.

You need to pick what market is a good fit for you based on the factors outlined in the links he posted.