If they continue with the mortgage, they would put $2030.13 a year in equity/principal and also pay $4582 in interest.  

Should I start filing for eviction on March 1st in that case, or sooner?

This would be a good opportunity for you to learn to do your own preliminary title repot.Also close with a lawyer or title company and do not release funds until you have a COMPLETE file and title report.

There is usually an IC ( independent contractor ) agreement with you and the brokerage spelling out under what conditions you will be able to place your license there.Every state is different on the exact process and I know nothing about New Jersey's process.It sounds like the principal broker says once you join them after getting a license then they will feed you leads.

when you click on the link below it will take you to the details of the foreclosure case I randomly picked. https://w3.courtlink.lexisnexis.com/cookcounty/Fin...you can only see headers but not the details behind what has been filed. for example : the very first entry means that the foreclosure lawsuit has been filed against the homeownerOWNER OCCUPIED SINGLE FAMILY HOME OR CONDOMINIUM - FILEDCourt Fee:384.00 Attorney:CODILIS ERNEST J JRis there anyway you can look up the details or actual pages that were filed by the plaintiff ?

If the tenant does neither, the landlord can file for eviction."

@Kurt Pourbaix I agree with other responders, as described this sounds more like a joint venture than a lender/borrower situation.However, talk to your accountant, there may be ways to structure your arrangement so part of it is lending (with interest income & principal repayment) and part of it is investing...if that would be helpful to you and your tax situation.

Not knowing how the other locations were performing they could have filed BK and we would have received long drawn out payments or possibly nothing at all.What I like about strip centers is the low per sq ft rents if you buy right.

If we give the tenant the First Right of refusal, does the tenant has the right to file a legal notice with the local courthouse, just like a "memoranodan" maybe?

The bank files foreclosure and all these websites scrape up the info from public records, or if desperate, might buy a list directly from the bank.