Because of the uncertainty of the market I pushed the envelope further to request an additional 5 year extension option with a higher interest rate to help protect both parties.

In order for this to work, all parties would have to be in agreement, including banks.

Then we are going to feel MUCH better about trying to help them.The unfortunate part is that Tenant's of all kinds (some of which are Landlords TOO) smell free stuff and they start grabbing for it.

The official communist party line is "don't expect distressed deals, prices are fine".

Now for the expenses part I was taught that you should estimate that expenses will take up 40 PERCENT of your income which is 1560. 

Having third party property management is only helpful when they're good.

Many (should be all of them) state it goes MTM if neither party requests a change at end of lease.

In 2001 I started doing recovery work via a 3rd party agency. 

This week and next should provide a lot of updates in the non conventional lending industry's decisions on changes to pricing/guidelines despite the fact we will likely be held back by the limitations of third parties like appraisers/notaries/title for quite a while. 

If what you're saying is right and she dealt with the vested party, your cousin should be fine in the end.