If the tenant that has “abandoned” the place has stopped communicating and paying rent, send the proper notice as soon as the next payment is late, then evict assuming you don’t get a response.

I am assuming you already filed your 2020 taxes anyways, so unless you amend your return, it is probably too late.

@Steve Do If I'm not too late to the party, I'd be happy to chat with you about this.

Once the tenants in place, you have to worry about: late rent, non-payment of rent, eviction, lease violations like extra people or an unauthorized animal, tenant wants to break the lease, tenant abandons the property, tenant wants to renew the lease for another year, tenant wants to convert to a month-to-month lease, etc.It's an on-going process.

I'm no GC by any means but I've worked closely enough with clients that flip or rehab places and I typically can give you a pretty good guesstimate of what the rehab would cost from what I've seen but lately what I've heard from clients that have gotten quotes from GC's, the cost of the rehabs have been like $60K+ more than what I typically have seen.

Had to pay a penalty for the late payment :( But thanks so much!

I've been able to increase rents lately so an existing long term tenant's income would likely be a limiting factor.

I try to be flexible as I e gotten a feel after several months about which tenants may just have forgotten to mail the check versus the ones who are actually late.

If you're a heart surgeon making $650,000 a year, handling phone calls from tenants making excuses for late rent is not a good use of your time.

I was there to buy a 40 acre timber tract from him.. he was in his late 80s and pretty shrewd dude..