If you know what you need, but just need it in your town - whether it's a plumber, property manager, title company, lender, etc. - go local. 

I could never get our property management company to do a lease extension addendum because we are constantly improving our lease every 1-2 years.

Review your money, talk to local agents, and learn from investors and managers.

My #1 property management customer are folks just like you - built a spec house, can't sell it, and want to make it an annual rental to stop the bleeding.

Wanted to get into STR's and have since started a STR management company.

- $500,000 Purchase Price- $0 Down Payment- 4% Interest- 30 Year Amoritzation- 10 Year Balloon- Monthly payment: $2,387Since this deal was so good, with no money down, my acquisitions manager is getting 20% equity in this property.

If they manage to pay everything and get caught up, then you can give them a 30-day notice of termination based on the multiple late payments.

Managed to get about 6 of them at 0% for 9-21 months.  

The whole situation seems strange since the owner let all three get this delinquent - and managed to place three non-paying tenants.If we're talking about the same one, it's price now is starting to get more attractive for a triplex in that area, even with the need to evict (of course that assumes the condition of the property itself isn't terrible).It will take time and money to get them out or get them to at least start paying again, but usually you get "deals" by agreeing to take on situations like this one.Personally, I'd advise a first time investor client against getting started with one like this and saving that for a few deals down the road.

Things to consider are self management, travel distance, property taxes, insurance, resource availability.