Currently a 3rd party reads electric meters, prepares a statement for each tenants, mails statements to onsite manager, OM gives tenants statements, tenants pay OM by money order and old owner picks up funds on the 8th of each month.  

We have had people leave a mess, throw parties, bring in dogs unauthorized, cancel last minute, and leave bad reviews for no reason. 

In other words, if the contractor finishes the work 1 week earlier than scheduled (agreed to by both parties of course), and I give him back via the early finish bonus my exact daily cost, I can move on to the next investment that much faster so in the end, it is a net gain to me AND a net gain to the contractor.

So on the loan documents only 1 person was needed to sign the note but we required the other parties to Docusign personal gurantees, W9s, ect.

Likewise, the lease is there to protect all parties.

@Nicole HarringtonFirst congratulations the hardest part is done!

What did you see at pros/cons for each party?

You should have been able to purchase a title policy but it probably would have contained an exception for parties in possession. 

To soften the blow, you could even print a recent article that explains why rents across the country (or your particular area) are increasing at such a high rate.This gives you 3rd party verification and shows you are not just pulling numbers out of thin air.I imagine the tenants will not be surprised, and will likely be wondering what took so long for the rents to increase over the years.I read a recent news article about a lady in Plano, TX that got an increase notice of $750…yes $750 on top of existing rent rate. 

There's a lot at risk when you have thousands sitting in a trust/escrow account that is being handled by a 3rd party.