They have to fully cooperate, and remove any wet stuff they had also.. not sure if you have a second story in the place but if so that space is available.As far as mechanicals.. water heater, cooling system, electrical, heat.. if that also was damaged this is going to be a much more involved situation to let them live in.Check your state landlord tenant laws download and see what is mentioned about this.This was a force of nature not something either party could control it's not business as usual for either of you so letting them out of lease would be easiest thing to do but with housing in the area they are at your mercy.Not something anyone watching on the news can really wrap their head around, the damage was so wide spread it's going to be a horrible thing to deal with.  

My intention is to market the deal to owner-occupants during escrow, all parties cooperatively choose the best buyer, and close the entire transaction simultaneously.

I have a unique situation where I live in a student cooperative (for around 3 years) that my roommate currently owns.

If the full amount is not received you will begin eviction on all of them.To soften the blow you may offer to allow one or more of them out of their lease obligation without penalty if they do <whatever> (get new qualified roommates, cooperate with showings, etc.)That lets them know that their personal issues are not your problem, but that you are still sensitive to them within the boundaries of being a business.

Midtown and Cooper Young are hip areas that I would love to find a property in, but it's hard to come by good deals in those areas.

@Robert Cooper Hi Robert.

It's crucial to be honest and cooperative with any inquiries or requests from the IRS.Seek professional help: If you're unsure about how to amend your tax return or need assistance with the process, it's a good idea to consult with a tax professional or accountant.

Quote from @Jasper Cooper: My accountant says that (to his knowledge) since my wife is a real estate professional, the gains from the sale would count as ordinary income and therefore could not be used to offset stock trading losses.I guess I'm looking for either a more-knowledgeable accountant, or a work-around.

Quote from @Jonathan Cooper: it all depends on your goals, what do you want real estate to bring to your life?

A move-out plan works better than an eviction if the tenant is cooperative and likely to follow-through on their word.