If the rents were collected after closing and they were not addressed in the sale, then you shouldn't have a legal obligation to give them anything.

Does their collective business occupy one of the spaces in the building? 

However, there are no actual renters portal or maintenance submission forms - rent collection is straightforward.

It's an investment into the property, and if/when they move out or even if they're there you can now add a traditional dryer to the property and collect additional rent.

Just be aware that the city is underdeveloped and you might want to be extra careful when choosing tenants to make sure that you'll be collecting your rent every month. 

I have no need for the rent collection or tenant screening as this is a function my property manager does for me.

I personally collect a security deposit and get the damage protection waiver for added protection.

Unfortunately, even without a lien, HUD can still collect as you signed a promissory note.

. $550  / mth * 8 unit = $4,400 * 12 mths = $ 52,800 GRI  ****not $53,800****The formula for CAP = NOI/PriceNOI = [GRI - V&C loss + OI] - EXP  *****You did not subtract for expenses to arrive at NOI nor include a vacancy and collection factor****Assuming expenses are 50% and 100% occupancy (which 100% occ is not realistic all the time).

Would 1st lien position and rights to collect the property if I default be considered skin in the game?