If they aren't paying I was going to just start the eviction process since I would have nothing to lose at that point.

On the note of topics and code, depending on when the house was built if you replace the dry wall you lose grandfather status and will be required to update both the plumbing and electrical to modern standards.

You can't deduct any expenses in excess of income. 

Is losing $300/mo OK, considering limitations of such low downpayment?

In today's market, if you drag your feet you'll lose.

It never works and then you lose trust.

I've seen many bidders buy the 2nd and 3rd positions on a property and lose every penny.I also sold properties where I foreclosed on my buyer and I remember there was protections in place where I could not sell the property to someone without notifying the auction.

Without going into excess detail,  I believe only one of them would have a valid adverse possession claim, based on the dates the houses and fences went in.The crazy thing is that even Google maps clearly shows the conflict between the lot lines and their fences and sheds.

Asset protection - You have insurance, a mortgage and you can add an umbrella policy if your losing sleep over this to give you 3 layers of protection with no need for an LLC.Tax Advantage - There is no tax advantage with an LLC.

You come to your doctor and say: I want to lose 10 pounds.