We're now up to $1,900/mo and the current tenant wanted to sign a full year lease so it's a furnished long term rental for the moment.

We actually get a ton of inquiries for our rentals from people living there because they'd had enough after four months of their twelve month lease.

You make the payments to the lender.Oh, and just in case, there are more items to know about when considering a "sub to" transaction but this is just a comment on the payment aspect. 

To evict a tenant based on a lease violation such as hoarding would require you to notify them and then give them an opportunity to fix the situation.

Your best/safest bet would be a regular lease combined with an option to purchase.

.- If they say $0-$50, you'll have to get rid of them at end of current lease.- If they are more reasonable you may want to accept if for now, but let them know you'd be doing regular increases to get the rent more inline with market rent.Too many newbies here will tell you to get market rent or get rid of the tenant.

We signed the lease and the tenant moved in the unit in Nov.

This includes preparing the property for renters, pricing it right, marketing, application screening, collecting rent, dealing with unpaid rent and other lease violations, security deposit disposition, inspections, and so much more.

Given the scope of your work, a simple plumbing leak would not concern me, it's a $200 issue at the most and ideally, it's just another line item when you do rough in plumbing for the kitchen.Being in a Milwaukee suburb, I am guessing it's a 1960s ranch, probably with galvanized plumbing.

I haven't filed a claim all these years but insurance is for the what-if and to be used for the high-ticker items, but chances of damages exceeding the 5% is low.