And, I would send notice of non renewal to the perpetually late resident, which is a judgment call based on my experience that late payers end up as non payers in many cases. 

So im trying to figure out based on my situation what is the best move for long-term financial sucess.Now the rental is bringing in $800 net cash flow monthly, after all expenses are paid.

The contract had that Assign clause (they stated that allowed them to list the property on the MLS).The only clause they have in there to keep extending is based on open of escrow- which never happened.

But high level yes, that is how hard money mortgage loans are going to work - if theres a default --> the path proceeds toward a foreclosure since these loans are at their base secured by the real estate

As an investor based in Columbus, I can attest to the favorable conditions here.

Matthew,Based on recent investor track records I would say choose Ohio over NY or NJ for a 2-4 unit. 

My property management thinks he is qualified based on just 4 pay stubs, employment verification and one screen shot of bank statement (just total. )when I ask my property management to ask that guys to show actual bank statements ( not screenshot of avail balance) and w2.my pm said, “it’s easy to find fraud using screen shot. the more I wait the more I loose.

Most insurance is based on replacement cost which is the estimated cost to rebuild the property in the event of a claim.The easiest way to get your questions answered is to talk to a knowledgeable agent!

Amount of repair expenses/updates are determined based on property condition.

When my clients refinance out of hard money loans with less than 6 months seasoning, but that done rehab, I always go with an option that has a 3 month seasoning period so that we can use the after repair value to base the refi one.