Send every tenant notice that they are in violation of the lease and that late fees will be assessed and eviction proceedings will begin the first day allowed. 

Once you determine your "why" you need to perform due diligence when determining what market(s) you want to invest in: >is there sustained demand (for the long term) >assess the comps, i.e. what are other similar properties selling and renting for in the area, determine if the guarantees are accurate >vet your developer, look at their track record>know the underlying risks>establish your team >know your exit strategy: look for long guaranteed income periods & high yields These are just some of the factors you should be considering before jumping in. 

It is a weird time right now to be able to assess risk because there are so many unknowns. 

We initially opened an account with Equity Trust but immediately closed it, after I read many forum posts.We're going LLC Checkbook control route and still in progress with state filing and operating agreement.

Town assessed value is at 185k.

The geologist and toxicologist hired by the plant for ground and air sampling has assured me that the property is not in the contaminated area (I have these contacts because my current residence a block over has vapors coming in through the foundation and remediation in progress). 

Good luck with the renos...post pictures of your progress.

Have you made any further progress on this yet?

Still working on those eye/hand coordination, but work in progress!

I think there will always be a place to find good deals, but you need to know your limits and when to stop, let the dust settle and assess where you are at.