Yes, had to go in more detail with my answer. $5400 comes with too much risk and wear and tear on the property. 

Our current lender is offering us 170K cash out refi ( I will be researching this in a greater detail ).

Quote from @Anderson Banegas Cerrato: Scott, appreciate the detailed response!

However (to go into detail requires a separate post), that's not quite the correct course either.

You will want to consult with a lawyer.In regards to your last two questions here's some background on what makes a contract valid and enforceable:Offer: A promise to do or not do something within a certain time period Acceptance: A clear and direct statement that all terms and responsibilities are accepted Consideration: A legal and adequate inducement given in exchange for the promise Capacity: The parties to the contract must have the legal capacity and competency to contract Awareness: A party must be aware of the contract Legality: The contract must be legal in the jurisdiction it will be operating in***Not legal advice*** Steps I would take: -Review contract in detail to understand each counterparties responsibilities (if you are not aware)- Email a copy of the lease to each of the tenants listed on the lease and reiterate lease expectations for termination notice, rent payment etc. - If the lease was signed via Docusign (other esign may have same ability) - you can go to the envelope, go to history and view the IP addresses for each action taken.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

Also thank you for the added detail to what @Chris Mason was saying.

I will reach out and ask more about the details of the situation to better understand what went on.

Keep in mind all this stuff is uber regulated, very detailed, far from simple.

Patricia,Thank you for a detailed and a very helpful response.