With the run up in values, it's suspect when you can't sell to break even.One (almost) absolute: Never let the defaulting owner stay in the property.Hope that helps.Good Luck!

@Wayne Brooks  we always have defined release clauses in the prom note.. however I suspect most dont know to ask..

@David Roberts - More than anything I suspect your deal.

I too suspect something at that selling price versus the gross scheduled income.

I suspect your tenants will refuse and you will be forced to take them to small claims court to collect.For now pay the fines and go after the tenants.

I suspect this is not be what you had intended, but it is the way the situation has been received by the investors on this thread.Given the feedback, you can take this as constructive criticism that "perhaps I can advertise this deal/situation in a way that address and alleviates the obvious concerns of potential buyers".

Pref of 7 or 8% then split cash flow 50/50 is customary in this type of thing.I am going to take a WAG and suspect this is a SFR or very small deal.. if this were a larger multi extra our OP would be a little more experienced and not asking these questions..

I suspect most of the BP crowd has that covered.

I suspect it’s pretty low.

I suspect if you actually moved in for a time and then found a need to sub lease you could do that.but if its a scheme your working .. then yes it sure sounds like licensed activity as you need a license to lease or offer to lease property to others that you don't own.that's the reason you have Property management companies and the reason they are licensed..