Your worst-case scenario (not specific to MA) would be having to sue to get them out as a holdover, but this is really reserved for worst-choice scenarios when owners choose the first renter or don't do any due diligence.

This is what I think I know:- The borrower can choose to pay off the note at any time (by selling the property or just paying off the loan with other funds), so it is important that the legal balance covers my investment and some profit- The borrower could file bankruptcy (can someone confirm that this will only cause delay, but not jeopardize ultimately collecting the legal balance of the note)- Most of these DOTs will have a rent assignment clause, so I could try to enforce that and collect rents from tenants (essentially manage the property) while I am holding the note and trying to foreclose.

The investor ultimately tripled the value of the property.  

Using the 1031 Exchange is THE way to defer capital gains taxes and use your equity to purchase additional properties.re: the Pittsburgh market...it can be a good choice.

This way, Tenant A gets a little financial "help" beyond their actual expenses and for Tenant B, it's a total choice to take advantage of a W/D or not.

I know this is an old thread but I wanted to see if you were able to get more knowledge on this basement conversion and what you ultimately decided?

Start with BiggerPockets Ultimate Beginners Guide (free).

The contract says no one else besides them can be there for over a week so it is my choice,  what options should I consider for this, a rent increase per child, security deposit increased. 

Tell her she has two choices: move out or face the judge.

This is why Cap Rate is so important, and ultimately cash on cash when you overlay financing.