I hope If you own other oroowrty you learn from thIs sItuation . sadly You probably lost every penny you ever got in rent over all those years

And it's difficult to 'storyboard' a situation not knowing how bad the downturn will be.  

While there it also came to light that the tenant has many family members visit for months.What would you do in this situation?

Oral month to month contracts are perfectly valid, and transfer along with the property. in fact, this is nearly an ideal situation since month to month contracts give you more control of the property, especially with inherited tenants who we assume were not properly screened when placed.

They do not like to see anything that may turn into a loan situation that they are not including in their decision making. 

That would be a "self help eviction" and would make a bad situation worse.Sorry, I have no references for an attorney in your area. 

You have to be fiscally responsible and look at it from a long-range perspective.I recommend everyone crunch the numbers using their personal situation and at least a ten-year window to see how the numbers work for both options.

Reassessd the situation.

As for my personal situation, hotels in my area are now charging way more because there are simply less Air bnb for rent.

In my opinion,  it could be a good choice, depending on your situation.