On further looking into the details, I found out that he has also not paid any association fees since last few months and now this months water bill is due as well.What should I do at this time to take control this situation to get worse and reduce my loss ?

Will give you any more details you need/ask for.

Have been doing mock analysis of properties i find online.

Security deposit amountYou can find plenty of examples by searching for "tenant estoppel certificate doc" or exchange "doc" with "pdf" for more options.Here is an example and explanation: https://eforms.com/rental/estoppel-certificate/Some have a lot of legal jargon but this document does not need to be so detailed.

A couple of before and after pics, but I would love to see more as well as a more detailed rundown of the numbers. http://money.cnn.com/2018/06/05/real_estate/house-...It's also surprising that a "run down" house in Malibu costs almost a million dollars. 

Details of that lease can be found at tomveatch.com/re and you might also be interested in the Substitution Addendum which is similar but allows groups of tenants to replace themselves gradually, so that no new lease agreement (other than a one-page Substitution Addendum) needs to be worked out if someone wants to move out and the group has a good replacement person ready to go and the switchover can be done in good order. 

Thank you for that very detailed and informative answer.I need to research HML, then.

Here are the details:19 units, 11 need complete rehab (down to the studs). 7 units rented month to month at an average of 395/unit. 1 unit rent ready.

The details are mostly different (and this is what most people focus on) but the general theory of what drives them stays the same.

My agent is checking on options.Since this is my first "strategic" real estate by, I keep getting stuck in analysis paralysis then I miss opportunities.