Use this turnover as an opportunity to research and find a manager that can stabilize the property and take control of the situation so you can focus on other aspects of life.Remember: cheaper doesn't mean you'll make more money.Start by going to www.narpm.org to search their directory of managers.

Also if they default on the wrap its easier to unwind and gives you more control.. either way though your on the hook for the 100k.. and if they dont pay you still have to pay on the 100k while you foreclose on your wrap note..

I sell FSBO to control the transaction and who walks through, not to 'save money '. 

Termination of a month-to-month tenancy is typically controlled by state statute.

The rest is luck: did it rain that weekend and did we have the right buyers walk through the door, to push the winning offer just the last bit.. you can't control that. 

I would think very carefully about ceding control over the investment given you are all inexperienced.

Remember you don't have to own a property to control it.

It's a far superior product to sheet vinyl and peel and stick vinyl products for a multitude of reasons.1) With most brands, you can't install it over an unconditioned space, it has to be climate controlled.

Values drop, sometimes drastically, rents go down as quality of tenant declines; cost of operstimg properties increase, and governmental interference, especially in the form of rent control, can slash values and profitability severely. 

It would be a lien placed on the entirety of the property that is deeded in both your names (or in your entity, if you closed in the name of an LLC).If you plan to take full control of the property, you could refinance in your name/entity alone with a cash-out and pay your partner off with their equity share.