Additionally, the process for this particular loan can be cumbersome and lengthy.  

This introduction is probably long over-due as I've been a member of BP for I believe over 3-4 months.I heard about BP from a friend of a friend who told me I had to check out the podcasts about real estate investing.  

As for the bank threatening foreclosure, that process is very lengthy and they would rather negotiate either a short sale or Deed in Lieu of foreclosure, but in order to get to that position, you will have to stop making the mortgage payments. 

You could go over budget and your also loosing lots of rental income due to the home being under renovation for a lengthy period of time.Lastly, if you purchase a home that does not need all of this work you will be able to leverage much more of your money.

., major tenant damage, lengthy eviction) and end up in a very tough spot.Fannie Mae guidelines also require cash reserves.

But since we were family my sister and I just covered the payment for that month.Ok, so the lengthy intro was to provide context.

Hi,One of my tenant's lease expires in 1 month but they are overdue on rent. 

And hope that your lengthy post means all is well for you :)

They probably wouldn't have the wherewithal to go through a lengthy and expensive legal battle - barring assistance from Legal Aid - but I still wouldn't want to risk it.

If the lengthy State Bar version and the added disclosures and addenda are really required, then so be it.