It sounds like the potential tenant is selling their house.

@Daniel Grimsley sounds like you have a Class C tenant.They are probably planning on saving the rent they owe you to use to move and pay first month's rent + security deposit on a new home.Why didn't you start the eviction process when they didn't pay May rent?

It sounds like the tenant retains the right to leave at the end of a lease, but the landlord doesn't have the right to end the lease.

I completely agree that it's a lot of risk for such little reward!

Also, how did they "use the property" for family gatherings last summer when it was just completed recently?

That sounds like a great plan! 

Can these be tax write offs (home office, phone, car expenses, etc) even though I won't technically be making money for some time until everything is completely built and leased?

I think your proposition would sound complicated and hazy to most investors.

Hello :)There is definitely more out there, i was once in your shoes and now completely got out of corporate world.I am a lender and investor from Houston, TX.

.$2100 net monthly income sound fair?