Also, there have been some bad press about large funds buying up vacant REOs then selling them on CFD to buyers "as is" and the buyers, being somewhat naive and underfunded, can't get the home renovated as expected and/or stop performing on the contract and face eviction.

To tag a user, use the @ sign, then press space, then start typing the name, and you should get a drop down sort of thing to choose a user to tag.  

And likely not worth the bad press either.I've seen REO properties sit on the market for a long time at ridiculously low prices, all due to the simple fact of a tenant living there that doesn't want to give it up; even if they're not really bonafide tenants.

Nikki - I wanted to add that you would be hard pressed to find a landlord on this site that would think you were "heartless and cruel" for enforcing a late fee on a renter that is chronically late in paying rent.  

@  3rd issue and the current pressing issue.  

Big concern if I were in your shoes is that my family gets offended pretty easy so I wouldn't press too hard if they feel like I'm trying to cheat them out of their inheritance.

I didn't want to press the issue because the owner was walking away with so little profit, but now seeing all the work it took to get that property up and running he would have been happy at $0 profit just to get rid of the liability (still was a very profitable deal for me though!!).

As for changing the lease terms, you would be hard pressed to add something to it until it is up for renewal.  

@Eric DeVito If the need to sell isn't pressing and can wait another 10 months, it may make sense to just sell then.

You will be hard pressed to find a lender who doesn't require a personal guarantee, even if the asset is owned by an LLC though.