So if the tenant did that, the landlord would not be “retaliating” by attempting to collect the past due rent or terminating their tenancy if they didn’t pay it in full, he’d be doing what the law allows him to do and I’d assume what most any landlord would do to enforce their rental agreement. 

I collect 1st month rent and a security deposit that is roughly the same as first months rent. 

If it's in the low rent areas, and the damages go beyond the security deposit, you most likely won't have much luck collecting on the balance and have to write it off as a business expense. 

Would like to refund myself the $50k with low interest rate HELOC and collect the spread between the land contract payment and my HELOC payment.

If yes, do you have a long-term tenant in place and for how long have you been collecting rent?

It's just like Landlords that complain about bad tenants but never take ownership of their screening process (or lack thereof).A lot of property managers are amateurs that sucked at sales and decided to collect rent for an "easy" paycheck.

Then I run credit report and see they both have multiple accounts that went to collection (mostly medical bills) and the man has 2 convictions in 2015, class C misdemeanor for possession of drugs and driving while license invalid.

Once I retire (whether at 52 or 62), I'll know how much money I have, move it to bonds/cash/HYSA, collect SS, pay off the house(s), and live a decent life.

I collect about a half month deposit and have them sign the lease.

Seller made roughly 20% extra for waiting 2 months to collect his money and I made 400% on my cash investment.