Effective Date: 11-25-1969 5313.06 Notice of forfeiture.Following expiration of the period of time provided in section 5313.05 of the Revised Code, forfeiture of the interest of a vendee in default under a land installment contract shall be initiated by the vendor or by his successor in interest, by serving or causing to be served on the vendee or his successor in interest, if known to the vendor or his successor in interest, a written notice which: (A) Reasonably identifies the contract and describes the property covered by it; (B) Specifies the terms and conditions of the contract which have not been complied with; (C) Notifies the vendee that the contract will stand forfeited unless the vendee performs the terms and conditions of the contract within ten days of the completed service of notice and notifies the vendee to leave the premises.Such notice shall be served by the vendor or his successor in interest by handing a written copy of the notice to the vendee or his successor in interest in person, or by leaving it at his usual place of abode or at the property which is the subject of the contract or by registered or certified mail by mailing to the last known address of the vendee or his successor in interest.

Mailing a late fee notice or billing them for a late fee is a "quiet" notification that rent is still due.  

I noticed others bid high on high end properties betting on getting paid off with a high rate of return and worse case ending up with the property.  

@Sky Mikesell have noticed that.

I told them that if he didn't want it at the price we agreed on, a very fair price, I'm happy to give him his notice today as he's not the only one interested, and I could get more for it once it's vacant, anyway.  

I just noticed that this is a "condo" type property as far as it is a duplex with separately titled units.

@Brandon Turner, If I am looking at properties and notice the ridge beam sagging I usually run the other way.

We are also very conservative in evaluating numbers... we contingency plan with a quick exit in case markets change or decrease anticipated value.

Be nice and include a clause in the lease that allows them to terminate the lease contingent on them closing on another commercial property and with no less than 60 days notice.

i would say kitchen and bath. they dont really notice paint and and floor that much. then again, they would not visit every property posted.