I don't know AZ landlord/tenant laws, however this approach is very pragmatic:On the day you do your lockout, be ready to execute this plan:1) Your or your trusted rep meets sheriff or equivalent at date and time of lockout 2) Do a videotape of each room and make written notes as to contents, valuables (if any), debris and damage3) While you remain inside the property (important) your locksmith changes locks and secures4) Your "student mover" types move contents for further sorting and inventory anything of value. 5) You may wish to have portable storage (PODS) delivered for large item storage and then moved offsite.The main objective of this is to plan out in advance so that your rental is not held hostage while your rent-stealing tenants get their act together.

Thanks for organizing!

As of now I haven't profited from doing this, however next year I would like to organize it better and hope to make a nice profit.

A sandwich lease/option with possible HOA objections/complications seems unnecessarily complex.

At first we thought that this portfolio would be just a steady cashflow deal with organic rent growth gradually raising the NOI and the value of the properties.

The question to ask is if these hedge funds have organized as a REIT.

Take it home by home, opportunity by opportunity and scrutinize each one objectively. 

Are there organizations other than the bureaus that can determine these data?

@Jason Krick  I am emotional right now, I have to dig my self back out of a hole that all started with the gurus who sold me shiny objects that turned out not to exist.

We can go through the Chart of Accounts together and remove what I don't really need or add accounts he suggests.I'm starting to get more organized, I like it!