@Stephan HaasHis name gets thrown around here on BP frequently, almost with reverence ...

They have paid on time so far, but it could be an issue in the future.Should the water bill be subject to the late fee as well, or only the rent?  

In answer to your question you will find a diversity of opinions on the subject.  

I would have never considered the elder abuse subject.

So, you're either paying off that mortgage or taking over payments ("subject to" transaction).

I have been coming across a lot of subject to deal that I can get into for 6-10k (pre forclosure) all in and possibly cash flow 200-250 a month. 

"You may continue to rent the premises on a month-to-month tenancy, subject to a 30 day termination notice.  

When you look at buying on terms in your state, I would buy "subject to" over installment sales contract or land contract or contract for deed or wrap around mortgage AITD-Subject to gets you the deed, -Other creative financing has less control on acquisition 

My leases carry water same as rent, aka if unpaid are subject to judgement for rent not paid.

I know there may not be an exact figure on the price, but could someone who has had an attorney look over or modify your contracts please lend a word or two on the subject...