Electing disregarded entity status avoids additional filings while achieving the same tax outcome.This post does not create a CPA-Client relationship.

Give them a 60-day notice, then charge them a prorated rent for the additional 20-day extension.

For this I’ve taken the payment amount of the second loan and included it as an additional monthly expense.

Quote from @Eric Huntermark: Additionally, as I'm thinking about conventional loan products as well.

Message me if you want to explore options or discuss further.

Since you’re already in the LTR space and looking to grow, have you considered leveraging your commercial expertise to explore multifamily properties?

If they’re really in a bind, you could even explore something creative, like seller financing or a subject-to deal (where you take over their mortgage payments).

All of our self-storage run at basically 100% occupancy except for our most recent addition. 

It’s amazing to see you exploring real estate while still in college.Wishing you the best.

In my experience in MO, land bank properties are very low priced (these are generally properties/parcels that weren't sold at the tax auction), but they often have significant tax liens on them that must be cleared in addition to the "sale price" AND they require a significant amount of rehab in order for the properties to be inhabitable.