@Cheree Hill I think it will have to be a JE because it is going to be hitting both the income statement (the fees) and the balance sheet (the asset and any liabilities that may be added).

It would help to know the balance and term remaining that you owe on each. 

Meaning, not your balance, but your available cash for the purchase.

Since contract for deed (when done properly) does not get recorded, nor does a deed get transferred to the purchaser until the contract is fulfilled, you will not have to "foreclose".You will, however probably have to do an 'ejectment' (in simple terms a more complicated eviction) if the purchaser will not voluntarily move out.  

I currently work as a relationship banker at Bank of America, so I have some knowledge on financing and proper structuring of a business when I get to that point.

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.I hope this basic guide helps.

In this approach, instead, there is a nice balance of flow and re-establishment of another solid group. 

I have been using the same accountant for a while and he sold his company to a new guy who is so confused and has no idea how to properly file real estate tax things.

I do have a mortgage of a remaining balance of $69,830.49.

All I want is a balanced market (probably asking too much) where there are some opportunities for fair deals as opposed to the current stupidity I am encountering daily in the trenches.