Just curious when you have multiple tenants interested in your rental property (Single Family House) do you have them all fill out an application and complete your screening process or do you pick the best qualified based on your conversations and meeting when you walk them through the property. 

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By the way all, posts are meant to create conversation.

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Is it as simple as as the borrower (obviously) you'd negotiate for interest later and as the note/mortgage holder the converse, interest first?

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Not sure.Bottom line, while you don't necessarily need to take legal action, I would be prepared to at least understand your options, costs involved, and appropriate letters that you need to send them if they are not holding up their end of the move-out agreement.Be firm and clear on your expectations, costs to both parties, and timelines and put EVERYTHING in writing to your tenants, even if you have verbal conversations, put a letter to them summarizing it. 

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I'd strongly suggest getting tight with a local investor friendly lender before pulling the trigger, who will have a conversation with you rather than read a script, to ensure you aren't stuck in that hard money. 

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