Are you physically going to go over and do the rehab, or hire contractors?

I would bet lunch anywhere you want that the house is not done in 6 months.

Your friend might be a great builder but I wouldn't want to bet $2.2M that he gets his first multifamily project in an unfamiliar jurisdiction right the first time out.

Your best bet pays a transactional lender to do the A to B transaction.Joe Gore

It looks like in GA there is no statute on maximum late fees but I bet there is case law (an attorney could research for you) where judges have determined which fees are reasonable and which are not.

I'd be willing to bet it will be the best option of all since the sooner those payments are made the more impact it will have on the reduction in the amount of interest you would pay.

The money is secondary to the emotional, physical, or other driver that creates the NEED to sell.

If you have absolutely no clue the best bet is to have a local attorney handle it for you, there are plenty of attorneys that specialize in evictions and will do so for a fairly low flat fee plus costs.The first step in almost any location is to provide the tenant the required pay or quit notice, giving the tenant X days (as required by law) to pay the rent before you can file anything.

NEVER bet on appreciation4.

This is even true when we have forced significant equity into the property - both through physical improvements and operational / fiscal improvements.