Personally, I'd jack the rent as soon as I could (I try to give 60 days notice even though most of Washington didn't require that but probably does now with that new law) and be prepared for an empty unit.

At least under current law, the income taxes are a small percentage of profit and you get to receive the larger portion.

@Cameron Riley follow the guidelines of your local landlord/tenant laws. 

Can I get the law involved?  

I grew up in Philadelphia, worked in law offices-Legal Administrative/Secretary and still want more in life.

What is the landlord's perspective of the new rent control laws?

There are ways to garnish wages, levy bank accounts, put liens on property, etc (all depending on your state laws).

@Thomas S.Portland's rental laws are particularly crazy right now.

I don't know any of these kinds of investors directly but it's a good thing we have laws in place that require a process that prevents lenders from steamrollering people out of their homes. 

What you want to find is an attorney who is filing for "NOTICE OF FORECLOSURE OF THE RIGHT TO REDEEM" each listing will have the law firm listed that filed the notice.