In addition, you may want to contact a board member/attend a board meeting and ask about future plans, ask the last time the reserve fund has been evaluated by a third party (there are regulated ratios that must be maintained). 

First was an REO, second was a short sale, third was an auction property.  

That should get the attention of someone high up to get some heads rolling.if it doesn't I would send another letter so the same higher up stating the actions you will take that will be billed back (plus any administrative surcharge) to the tenant for not performing per the lease.  

The third and last option I am considering , is to use the money from a Cash-Out refi , and purchasing ( All in cash) a Lower end property ... $15,000 = $20,000 ( this includes all the repairs as well ) .On a property in this price range in my area... there not in the best of areas/neighborhoods .... but the rents are still in the $500 - $600 per month range, and I will at least own the property outright and will cashflow a nice profit per month, while also increasing the properties value ( by painting, re-flooring, etc. ), so that if I ever go to sell...

Push the money into federal municipalities, state municipalities, and paying off your most profitable property in my opinion.Federal and state municipality funds are tax free investments, and mine perform in the 8-9% range, which means tax effective 11-12% range, equal to that of a decent cap return for real estate, plus they usually pay monthly.on top of that, the last thing the states and feds wont pay is their water, power, and sewage bills, hence why its a good steady flow of income.Also, it gives you three sources of solid residual income.

. #4 mentioned by Brian, in any option contract there cannot be any requirement of the optionee to perform anything, it cannot be contingent on any type of performance.In this case, a commercial lease allowing sub-letting, the tenant may have maintenance responsibilities.

I use what they call here the BRRR plan, which means I don't try and work with zero money but I'm pretty good at turning one property into a second or a third using HELOCs after I've owned the property for a year.

Those two units were converted into a duplex up at some point and I needed to refinish both floors and put a new kitchen back up on the third floor that the previous owner converted into a bedroom. 

Did you perform landlord duties?

The third benefit that I would be able to see is that we could increase the rent to gross 100K.