I was in ocean city last weekend for Memorial Day and I wondered about investment potential.

The tenant acknowledges they owe the money and is willing to sign an estoppel to memorialize.  

Next Wednesday there’s OKC Real Estate Investor coffee meetup at Starbucks on Memorial and MacArthur I think?

Not to mention a lot of the GC's post 08 went banko out here in the West  and in the south  so banks have long memory they wont loan to those same GC's again. 

You should always capitalize your opportunities and none better than life long memories.

We aren't looking to be rich monetarily but the memories we are getting are priceless.

In my experience, inherited tenants don't usually work out for one reason or another.One deal we did springs to mind after reading your post.......we bought the house off the MLS from an OOS investor with a sitting tenant that has been there for many years (I don't know how many, but a lot).When we first took over we took care of a great deal of deferred maintenance, but we did not increase the rents. the tenant was paying about $600 if memory serves, and market rent for that house is $750 (I know because we leased it again last month).Anyway.... back to the original tenant...She always paid late, and was very insistent that it was OK to do so because that's what the old landlord let her do.This back and forth went on for a while, and in the end she left under  cloud, angry at us for insisting that she pay on time.I've had similar situations time and time again with inherited tenants, and it seems that the closer their relationship with the previous landlord, the more quickly they'll end up leaving.

If you do business in the future with family again I would suggest that you use a written agreement such as an OA to memorialize the agreement - it will likely save your relationship if there is hiccup as the terms of the agreement will guide both parties.

So I jog the memory of them if I am looking.

It was a little different then because the buyer fee was only $199 but it sounds like the same convoluted system.I am going off memory here but my story is similar to others.