But don’t wait until they’ve already found other deals and made other plans. good idea - and agreed; our most important goal is to get rid of the monthly payment!

Here's a mix of steps and strategies that might help steer you through these choppy waters:Documentation Is Your Best Friend: Make sure you've got a solid paper trail of all interactions, notices, and agreements related to rent payments.

I am considering selling the place, but not sure if I should given that I have a 142K loan in place with pre-payment penalty, or if I should just see this eviction through and just try my hand at getting another tenant in there vs possible lease optioning the home out. 

That way you only need about 10-20% for the down payment and the hard-money lender will cover the rest AND they will cover the cost of repairs. 

It's crucial to have a well-drafted contract that clearly outlines the scope of work, timelines, payment terms, and any other pertinent details.

So from a pure monthly payment standpoint: (duplex) 3,200 - 1,300 = 1,900 > 2,400 (single family)As you can probably see, this property isn't cash-flowing, let alone breaking even.

Don't trust anything anyone says in Selfstorage it all can be validated.  

Rent out your units at, or slightly below, the market rate and gradually increase rents YOY (2-2.5%).This strategy will allow you to get your foot in the door with a low down payment AND less competition.

Sound like a good idea or would you guys recommend doing a home equity loan and leaving the rate and payments

This payment will leave me with about $600,000 in W-2 income for 2024.