Since the properties are in an IRR, any investments into STR will be based on 1031 exchanges.

You will pay transfer taxes based off of the properties calculated assessed value, and if the property is in Philly city limits as your post location suggests, you're looking at a payment of 4.278% of that value being paid at close.

If you don't add your fee to the price investor will negotiate based on how much you are making on it. 2) I requested for her contract for it to have 10 days of an inspection period.

So im trying to figure out based on my situation what is the best move for long-term financial sucess.Now the rental is bringing in $800 net cash flow monthly, after all expenses are paid.

And, I would send notice of non renewal to the perpetually late resident, which is a judgment call based on my experience that late payers end up as non payers in many cases. 

This is more of a conversation to be had over a phone call if you are interested.

But high level yes, that is how hard money mortgage loans are going to work - if theres a default --> the path proceeds toward a foreclosure since these loans are at their base secured by the real estate

Matthew,Based on recent investor track records I would say choose Ohio over NY or NJ for a 2-4 unit. 

You can contact them via phone to get the exact steps, especially if you are not located in the state.A sheriff will then serve the eviction notice to your tenant, with all the details for the hearing included.

As an investor based in Columbus, I can attest to the favorable conditions here.