I fully acknowledge this could potentially be a horrible suggestion.

If they’re overall good tenants, I think the best way to approach it would be acknowledging what they do to take care of the property and then add what they need to change.

@Gabriel Rodriguez I don't think there is a definite response...well, maybe we could acknowledge the California has the worst landlord tenant laws in the US...aside from the that, there is a good concentration of "landlord friendly" states in the Midwest...

In other words, generally speaking, is this a situation where you would still pull the trigger on the right deal if possible (acknowledging that the "right" deal is extremely subjective), because things won’t necessarily improve much in the near to medium term?

AND, we’ve now got 3 Major League sports teams with FC Cincy.... although some here refuse to acknowledge the Bengals as Major League. 

I believe that by accepting their rent checks you have inadvertently acknowledged these people as your NEW tenants.

You would need a promissory note acknowledgement where you and the borrower have set terms, if the note will be secured, you would also need the security paperwork.

After analyzing the numbers, viewing a few units in the property, trying to find investors interested in a partnership and exhausting my network I had to make a phone call and acknowledge my inability to move forward on the deal(I was 100% honest the entire time about my situation).

Since you are a new owner you should have inspected and documented, with photos, and received a signed statement by tenant acknowledging condition at time of purchase.Tenant should not be held responsible for any existing damage unless you received a documented statement from the previous owner , signed by the tenant, detailing the condition of the unit at the time the present tenant moved in.If you did not do this your June inspection will be your start point with this tenant.

Considerations:All of these lenders have acknowledged they can match or beat a rate with another preapproval letter.