If you want an interesting exercise about people's cars.

I did speak with my local attorney who stated that typically in his experience in this area, Northern Maine, that trying to pursue unpaid rent like this is an "exercise in futility".  

I would require a one-year lease renewal but would offer a buy-out clause of 2 months' rent with 30 days' notice starting at payment of buy-out clause fee and written notice that can only be exercised if rents are current.  

This has been a thought exercise for me, for sure. 

But, that has to be about them exercising a legal right.  

If you're nervous ask them to sign something to say they no longer wish to exercise the lease.Doubtful they would come back at you.

In the alternative, the seller can record a "Memorandum of Option Contract," which must contain the names of the parties, the signature of the parties, a description of the property, the time during which the option must be exercised, and a statement that the purchaser has the right to cure a default once every twelve months.The option contract itself must contain:1) full names and address of all parties to the contract;2) the date the contract was signed by each party;3) a legal description of the property to be conveyed subject to the option;4) the sales price of the property;5) all fees or payments paid by each of the parties including the option fee;6) all duties whose breach will result in forfeiture of the option;7) the time period during which the option may be exercised;8) a statement of the rights of the purchaser, including the right to cure a default once during each 12 month period; and9) a statement in at least 14 point boldface directly above the purchaser’s signature, that the purchaser has the right to cancel the option any time prior to midnight of the third business day following the signing of the option.What happens if the purchaser defaults?

You can't exercise the due on sale clause against a surviving joint tenant.

Just don't borrow that money to have it sitting in your account - it's has to be exercised or it's just a waste.Ultimately and obviously, whatever you do and whatever strategy you're using, you must overestimate ALL expenses, and underestimate income, and then you need to still be clearing a decent cash flow.

Exercise a contractual or statutory lien; E.