Good idea...keep them in at $800 per month ask them to move out ASAP after semester is done.I would recommend also invoicing them each month for the delta and take the security deposit at move out covering the bridge on rent they didn't pay.

BTW: You should be able to secure residential mortgages (1-4 unit properties) from any of the Big 5 banks for <=3.0% for a 5-year term, variable rate mortgage on a 25-30 year amortization.

I had a very similar issue about 5 years ago, a shared driveway, same owner on both but only one property was secured, the shared driveway survived for use to both parcels.

Notice of their official position.

First, I enforced my right under the security instrument to receive ALL rents.

Does your social security card say not valid for employment?

What was their official policy?

It wasn't a mortgage but a business loan secured by the property.

How do you secure your funds to make sure that you can actually close?

Think about the costs that you incurred to secure this loan.