You can legally change or cancel a contract if all parties agree. 

In any contract you don't typically need a clause saying what you CAN do, its assumed you can do anything legally allowed as an owner including sell.

Tenant issues are more likely to arise and then you have the owner....many aren't qualified expertise wise or financially to weather the storm.

The main issues a lot of investors/PM's run into is the inspection period since Section 8 inspections are no walk in the park.

Find a lawyer and issue a lease violation for other issues such as excessive noise and furniture removal.

We currently use Hospitable for 12 properties, and it's working fine, no major issues, and I know they've been expanding with new features.

Historically used online software without much issue.Now that I'm looking at the settlement statements from 2004 and looking at a sizeable depreciation recapture hit, I came across a number of questions / issues:1) I believe in 2010 I incorrectly set my basis (I did not include the parking space and upgrades to the units - granite, flooring, etc.).

The main issue I have is contemplating the baloon payment at the end of the 2nd year and refinancing the remainder with a bank...how can I compute that into calculating the IRR?

I assume he does, and with this partnership tax return he issues Forms K1 to you and your partners.

For example the license should not only have a cost but also require at least some compliance training targeting some of the most common issues/complaints.