Since the properties are in an IRR, any investments into STR will be based on 1031 exchanges.

If you don't add your fee to the price investor will negotiate based on how much you are making on it. 2) I requested for her contract for it to have 10 days of an inspection period.

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.

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. 

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

The attorney can also then assist you with creating the following compliant with all federal, state and local laws:1) Rental Application2) Lease & Pet Addendum3) Renewal documents4) Nonpayment Warning Letters5) Eviction Letters & Notices6) Legal Entry Notices7) Security Deposit & Release of Liability Letters8) Vendor Contracts with insurance and other requirements9) MoveIn & MoveOut Procedures to Share with Tenants10) Etc.Hope this helps!

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

Most likely his Tacoma free  provided attorney will have the paperwork insisting you pay to store all of his things, but if you're lucky, and they miss this procedure, you can put all of his crap on the curb.

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.

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