You can tell the tenant that they can ignore the notice as long as they follow through on paying.As the landlord you want to maintain control of the situation - not allow the tenant to do so.

If your family situation works.  

@Marcos CarbiYou're not looking at this situation realistically. 

If you provide any kind of substantial services like catering, car service, etc you will change you tax situation and no longer can file under Schedule E.

.- Creative Financing Solutions:Options like subject-to deals, seller financing, and syndications can lower capital requirements and increase your purchasing power while providing flexibility for properties with complex financial situations.4.

In high-cost markets like Chicago, that can be tough to meet.If you're looking at a duplex, the self-sufficiency test doesn’t apply, so you’d just need to qualify based on your personal income and the rental income your lender allows.If your current lender isn’t familiar with making FHA work in your situation, it might be worth getting a second opinion from someone experienced with FHA multi-unit financing.

I sold a mobile home giving Owner Financing (OF) (never again will I offer OF).  The buyer had the mobile home demolished.  Crazy I know.  She is now in arrears 3 months and has agreed to deed the land back to me and ...

But In your situation you could purchase the SFH for most of your cash. 

When speaking with them, demonstrate genuine interest in their situation and goals.

Any legal issues I should be aware of in this situation?