You may not be able to limit the occupancy to two people for a two bedroom property. 

But if someone has a limited budget and true determination (or in my case, true desperation,) it is a path that can succeed.Good luck.

In the mean time you will have spent $60,000 in your losses each month on top of the $23,000 you put in up front for a new loss of $43,000.

Am I able to give the tenant a 5 day pay or quit notice today or do I take the loss and wait till next month to start the eviction process if he does not pay on time again?

This basically made a lot of SFR or duplexes being used as short term rentals limit their income potential and made the income on par with what you could get with long term tenants. 

In commercial real estate, a loss to lease refers to a unit being rented for below market value.

Some areas of the northern section of 35207 are alright.Any other areas within the city limits are ripe for the pickin. 

We have some tenants now that go most of their lease needing little or no management, and in those cases paying a property manager feels like a waste of money.My wife and I have had a lot of moments where we were at a total loss what to do (and sometimes still do), but the next thing we know we found a solution, the problem is in the past and there are rainbows again (for a little while anyway).

I bought a lot of foreclosed property after the collapse and my guess is that in every one of them the investors in the previous syndication had a 100% loss.

This will avoid needing to foreign qualify your out-of-state entity in the State you are buying the property in.However I am wondering, if I am forming an LLC, with the sole purpose of buying tax liens (I am a foreign national btw), and I don't wish to limit my tax liens acquisition in just 1 State, but instead buy tax liens all over the US..Do i need to foreign qualify my LLC in EVERY State I buy these liens in?