So I would continue to hold the property - but I would be sure not to miss the ability to exempt the gain - so be sure to sell within 5 years.  

Cash for keys is definitely the best way to get people out in the day when I was very active at court houses steps cash for keys was by far the best way to get folks to move and bad tenants in a state with bad eviction laws to me would be the preferred method. you simply pay them when they are leaving the house not before.. that works fine and you give them more than 1k .. you make it worth their while..

Key points include:Security Deposits: In Indiana, there’s no legal cap on security deposits, but you must return the deposit (minus any valid deductions) within 45 days of the tenant vacating the property.Evictions: Follow the formal process carefully.

I'd let them know now you're not renewing and they need to find somewhere else to live before the lease is up.  

Looking to get some guides on where or how to start.

Maybe you change it to a 12 month lease at $x or MTM at $x plus more money.

This is where it pays to consult with a real estate attorney.

He continues to deny he lives there, lied to the police when they came with a code violation and inspection, and most recently overloaded the electrical and blew/snapped the line! 

Most lenders will let you use up to 70% or sometimes even less.

Investing close to home allows you to gain hands-on experience, learn the ropes, and be more involved in the day-to-day.