Today I have less units, but my total cash flow and net value is considerably higher. 

Friendly - personable, polite and professional.... not a "friend or buddy".Fair - abide by all landlord tenant laws, communicate openly and honestly, no special favors for some tenants and not others.Firm - have the backbone to hold tenants accountable, stand by your written rental agreement.Fast - swift to do maintenance and repair, swift to address tenant concerns and swift to enforce the terms of the rental agreementFlexible - take into consideration extenuating circumstances and be flexible when it is warranted, but don't let tenants manipulate you or take control.Since your grandmother chose these tenants and is compromised because of her church relationship with them, do her a favor and take on the responsibility of addressing this issue as her agent.

I never thought of taking into consideration those kinds of variables.

Commercial loans generally have restrictions on transfer of assets and you would not want to trigger a default.  

The first consideration should be:Would I rather have $190k cash (perceived equity) or X$/month in cash flow per year?

But before seriously pulling the trigger, spend some time to think of your strategy and leverage options.

Since you are not in a position to pull the trigger immediately, I suggest you start practicing evaluating deals so that you learn to do it fast.

In my opinion It's not ideal for rental.. at least here in the US (I noticed you are in Canada... not sure how it works there)Here you have to pay property taxes and insurance... you obviously need to pay for maintenance as well as property management (even if you manage yourself consider that your time = money)... you also need to take into consideration initial vacancy and the fact that sometimes it take couple of tenant's before you get a good one that stays very long termHere once I take all my costs out I tend to make approx 30% of my rent in the first year50% in year two and three 60% afterwards If rent is $1200, it would me bring net $400 avg first 12 months ($4800 first year), $600/mo second year, $700/mo afterwards... probably a hair more if I include a rent increaseYour interest payment after the first year is going to be approx $700/mo... which means you are barely making it.

All of my Optionor (TB) LOs have costed me about 1% of strike in consideration.  

Thanks for your consideration.