I don't really know the nature or circumstances of the transaction.

I've had several long term renters that had very hard / unique circumstances that forced their eviction.

Form contracts end up disseminated from past deals that turn out to have included things you wouldn't have conceded to under these circumstances, or don't include imperative protections your lawyer could have provided based on the specific property, its condition, location, seller, investors, terms, tenants, etc. then by the time in crosses my desk, the other lawyer says, sorry, your client agreed to this form, game over, and you're stuck.

Cons: Proper Due Diligence is required by both parties on their partner’s capabilities, track record and Integrity.Exit strategy can alter - depending on possible uncontrolled factors like: Change of circumstances for one of the partners, Market climate, Availability of funding.

However, when I say property, in my area at least, it is most likely the property will be land for building on or it will be a house that needs to be leveled in a nice location, as the houses have usually been neglected.

It depends on the circumstances and the details surrounding not only your existing property, but also the details surrounding what you intend to do with the proceeds of the sale.

Figure out what the remaining useful life is for your major components (hvac, roof, flooring, etc.) then pro-rate how much you should have in the bank OR figure out how much you should be reserving each month.Many rental owners neglect to fund their reserves and this is a major cause of a landlord's downfall.Good question. 

@Will SchryverUnder no circumstances can your own 401k invest in a LLC that you control.  

Maybe, again, depending on the specific facts, but the answer is, yes, under the right circumstances, you definitely can contact the tenant from a legal standpoint.

That would be an IRS no no and his entire account would be subject to liquidation from its tax deferred statuses (a full distribution), taxes would become due as well as a 10% additional tax penalty.Your friend may have even more problems here unless I am mistaken on your explained circumstances.