Or you can do cash for keys to get him out and find someone who can make payments on time and 3xs rent .

I would give him notice, and show up with your set of keys to let the work be complete.

But keep searching sir and you're bound to come across something... and being ready to grab it when you find it is a big key as well because everything in Charlotte that even appears to be a good investment gets snatched in a matter of hours these days.

Definitely speak with key non-recourse lenders like First Western Federal Savings or North American Savings bank about their programs before developing a strategy. 

And 36 Other Key Financial Measures, Updated Edition3.  

Should an audit occur, you need the firm to stand behind and defend you by then delivering the asset detail to support the conclusions. 

Aside from property taxes, and analyzing rents in the area what other key factors should I be looking at to establish cap rates and potential profit?

Id have it delivered by constable too, so you have proof.

Traditional bank financing which has been the key for us.

You don't find those deals on turn key investments, they do require more work.