You have no history of received rent payments to show an "implied agreement" that will hold up in court. --- You have only eviction option if tenants don't pay.3) WIth no lease, your only eviction option is 30-Day, Demand for Possession.

Investment Info:Single-family residence buy & hold investment.

Rockford seems to be improving, but what areas are a "no go" for buy and holds?

Use the "extra" income to build a reserve for maintenance, vacancies, and other expenses that don't happen regularly.

Regular sale, where you have to pay for pre-sale rehab, commission (5-6%), tax (20-30%), and recapture of depreciation.2.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

Keep in mind the other homes on the market may all be over-priced at the moment, which is why it's important to watch the market regularly and build a strong sense of what it's doing.

In twilight's grip, you hold the key,Yet ownership eludes decree.Payments made along the way,Until the final due we pay.An agreement shrouded till the end,What shadowed deal do we attend?"

Investment Info:Small multi-family (2-4 units) buy & hold investment.

I know you are probably bummed about this and feel like you made a mistake, but if you can figure out how to hold this property and buy more properties and hold them then you will end up making significantly more money in the long run; you don't build a real estate portfolio by selling.