Before you say 'you should have the money to get into a contract' I normally wouldn't be in this situation but I've just closed on a property that was all cash 2 weeks ago and a friend calls me on a property that's truly an amazing deal that I want to get into contract (has stable tenants renewing contracts above market, I can get for under market).

I'm getting decision making info in only small pieces over time, via phone calls only.

but you are right in not handing over any money until they are out and you have the keys.

I am afraid you are better off spending any money set aside for this legal claim on the actual repair.

We have a lot of equity in it and don’t make much on it, so that’s why we want to sell.Can we choose not to allow another roommate, force them to move out if the lease is violated if they can’t pay, and move on?

I ended up making an offer on a multifamily today -finance deal so fingers crossed that my offer is accepted and the full inspection goes smoothly.  

@Anthony PriloIt sounds like you are trying to transfer a personal property into an LLC since you are now making it into a rental property.When I did this, the real goal was to transfer ownership to the LLC but maintain the current (low-interest) loan.

The roof needs replaced and it would take a lot of work to make it look nice.

Add $50 for the inconvenience of having to drive somewhere to shower, and you are still saving a ton of money.

– I’m exploring whether I can remove the SRO designation and replace it with Artist Dwellings, but I’m unsure of the legal requirements or how this conversion works.If anyone has clarity on the definition of Artist Dwellings or proven strategies for making this type of conversion, I would greatly appreciate your input.Thanks in advance for any insights!