If he cannot handle the flat then you might best off advertising for new tenants and cutting them both loose once you find some.In the {far} past, the Régis was not bad in making tenants meet their obligations in such situations - provided you made best efforts to find new tenants and relieve them ... not sure how they would react these days.

With the very small area I’m thinking of investing in I feel that even if the market dropped I could still get out of the property with loosing a small amount of money.

I wanted to share this step by step journey that we just went through to acquire this 150 unit apartment in Orange Texas: and the lessons learned at each step1) We had to loose quite a bit of deals.  

@Wil Pace the brush is just to get it loose.

Loosing a couple weeks to replacing a tenant is not that big a deal.

This is a loose, loose, loose situation for you. 

thinking about insolating the three season room and turning it into a bedroor getaway. 7.) bathroom floor is getting replaced because it's brown 8.) kitchen a small 10x10 but the previous owner did a nice but loose rehab on the kitchen. 

Otherwise you are fighting a loosing battle.

IF you could sell for $215k, you still loose roughly 10% of your sale price to transaction costs, so you're back down to $193.5k net.  

CLVU hireda deliberately biased inspector,who cited oodles of code violations, many trumped up, like "faulty wiring" and "loose windows."