The same action applies when looking at the taxes, insurance, PM cost, Vacancy rate, Cap ex, Maintenance, lawn care, routine maintenance etc.... expenses.  

An Illinois landlord would be under zero obligation to re-negotiate anything, and could treat any failure to comply with the terms as a breach, subject to relief from a forcible entry and detainer action (Eviction). 

Josh Miller congrats on taking actions and being motivated.

If your property is rent control (which it sounds like it is), do not take any action against tenants until you've spoken to an eviction lawyer.

You can take an action against all of the parties however;  you will find that there will be diminishing returns after the smoke clears.

Just trying to offer some friendly advice.I personally think your first plan of action should be to determine what the true market rent is for your property.

Ridiculous Example - If you verbally agreed that he paint the house purple as a condition for him to move in and he painted the house purple, you could argue that's why he painted your house purple.3) Document actions that you have taken to comply with both the written contract and whatever you came up with in item #2 above.

When searching homes in the area there seems to be a lot of investor action in the area as a lot of the homes you see on the various sites are renovated.

Charlotte/Concord areas are poisoned by this type of actions. 

He does not have any family in the area and has basically lost everything since he lost his job a few months back, hence the foreclosure.So, I guess I have multiple questions.1)What would be my next course of action?