@Parmesh P. there is no such TDA paying 7% or even 6% long term,5 years or longer.

When you draw from the equity, you are "borrowing" it from the bank and have to pay interest.If you borrow against the equity at 7% interest and then loan it out at 15% interest, you are earning a positive 8%. 

Quote from @Jeffrey Duck: I see no reason to pay an attorney for this, but it's your dime.The current lease was between you and Person B.

I don't see them showing up or paying any of the back rent that's due to become current if they wanted to stay.

Why pay off the mortgage early? 

The person has failed to pay rent after a valid notice to quit and notice of increase of said rent, provided the increase in rent is not unconscionable and complies with any and all other laws or municipal ordinances governing rent increases.")

The 90% they are paying you back is probably 1/3 of what they're actually making by you committing to a deal.

I know they say you get what you pay for but I am impressed with this STR PM, and I use Steesa and Innago. 

You will be paying 6-10% for just having them collect rent. 

Hey @Keagan Scott, so I don't have any insight into Gary, IN but here is a blurb -"Those looking to rent out their properties for less than 30 days (about 4 and a half weeks) will have to get a permit, pay a one-time $150 fee, and have a city business license.