You'll lose more time and money in the long run.Honestly, given your family circumstances, landlording would just add unnecessary stress to your life, as tenants could care less about anything going on in it.

I'm sure one could modify the addendum to prevent just "walking away".

I have a high end rental that I do turf maintenance on which entails several services a year that include weed preventer and fertilizer as well as an annual aeration and seeding.

The way I prevent/reduce this "game paying" or at least make my time at the courthouse worthwhile is by: For example, if the rent is $1000 in our unit, than i write the lease for $1200 and the Tenant gets a discount if they pay by 4th of the month.

You are the new owner of the company would still have to hire CPAs and attorneys to defend the actions of your predecessors.The absolute best way to prevent those kinds of things is to buy the property not the LLC/corp.

If you know a local commercial real estate broker, they can guide you to attorneys or perhaps share their boilerplate form for you as a starting point.As with anything, it is wise to pay a little for legal advice ahead of time as preventative medicine than to pay attorneys dearly to get out of trouble.

I used to offer tenants up to $100 rent credit each year (depending on size of yard) if they wanted to send receipts for grass seed, weed & feed, crabgrass preventer, hardwood mulch, etc., (no labor, just materials) but not since I bought out-of-town rentals and use a property manager.

(I also added $1500 a yr for preventative maintenance.)It's an excellent strategy & its one I adhered to back in the days of (needing) financing (but similarly I could afford the annoying monthly loss).

They did change them as agreed, but they also did a lot of damage to the property, which might have been prevented if I had made regular visits.

So, "No", as Mortgagee you can't go in and build a deck or do home repairs but you can fix a hole in the roof to prevent damage or mow the lawn to prevent a lien.