Yes, the goal is to screen for good tenants, these guys were ones who slipped through.

Of course the solo would also pay the notes.

This avoids the headache of eviction and wraps things up cleanly.If things escalate before their lease is up—like the music gets worse or complaints keep piling up—you could consider eviction.

You'll charge the applicant whatever the amount is to do a background check.

@Ricky Smith if you continue to expand, how will you hire help w/o a PMC set up?

Definitely get where you’re coming from!

I had a non-performing loan once where a borrower would do a deed in lieu, but there was a deceased co-borrower, and my attorney required me to go through the foreclosure process to clear title.The borrower knows you’re foreclosing and does not contest the foreclosure and “turns over the keys” to the lender.  

I found houses that had not been well kept up.

Welcome to the community, Timothy! 

I feel where you are coming from.