Hi Everyone, Background:I own a tri-plex in los angeles... rent controlled.. one of the tenants lived there when i acquired the property.. his rent is 750.00 - current rate is approx 3k He has full access to the only Garage on the building, an additional parking spot, and a great size yard...

This makes investing incredibly hard and it requires precision in execution. 

On further looking into the details, I found out that he has also not paid any association fees since last few months and now this months water bill is due as well.What should I do at this time to take control this situation to get worse and reduce my loss ?

By renting out the other side, you'll have far less to pay towards the mortgage every month.This allows you to control a more expensive asset for less than it would otherwise.For example, buying a single family home for $350k with a 10% down payment and a 5% interest rate would give you a PITI of roughly $2,321/mo. 

The added equity is the same money, with the same face value, as if it were still in your control in your bank. 

I would suggest you evaluate programs that offer checkbook control such as the IRA LLC or Solo 401(k). 

Plus, if/when rent control becomes real here......I'll make a million $ on paper over night almost.

Are you under rent control?

I was just wondering what banks would think of my controlling the day-to-day of the property and a parter only being passively involved past the mortgage signature with no real skin in the game.

You have no control over rental restrictions