Just follow the eviction procedure in your state.Good Luck,Mike

Do I do a credit check, make them fill out an application form etc. as a standard procedure?

Had the tenant not responded, or if they did but I won, I would have had to wait for the set out to take possession of the property.So, you really must have a discussion with an attorney in your area who understands local procedures and customs.

Any special procedures that I need to go through other than just registering different shareholders for the company?

You have to know for instance if you are in a judicial versus non-judicial state and foreclosure costs and procedures among many other things.

Older vintage product which would be C and D buildings being by the beach most likely in an A to B location were built on more expansive lots as land was more readily available.In most area land is now at a premium so things are much more compact and tighter.If you have a bunch of land next to the beach you might have a re-development play in the future.7.5% CAP rate on that vintage of a building is pretty weak.Most with that vintage want a 9 to 10% return.To drop almost 133,000 into a property for an annual 5,000 return if everything goes perfect is crazy in my mind.With that much money you should be able to leverage yourself into a much larger project.Given the age of those buildings when you re-model you will have to conform to the new EPA lead certification rules and procedures which run the costs up.What about deferred CAPEX??

California Civil Code of Procedure 1161.2 outlines what I said above.  60 days after the unlawful detainer filing, the information becomes public information in the court index.  

Tile is usually only a level 1 or 2 abatement procedure, unless they are disintegrating and the asbestos is friable.I actually like asbestos filled homes  - there is one here locally that has been on the market for almost 2-years.  

But I completely expect that NY state has a similar procedure. 

Now that the condo associations have tightened up procedures and qualify, prices reflect market value.